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Summary
- Oil prices had dropped on Thursday as Greenland tension subsided
- Supply disruption concerns offered price support
- Kazakhstan’s Tengiz oilfield yet to resume output
(Reuters) – Oil prices rebounded on Friday after U.S. President Donald Trump renewed threats against Iran, raising concerns of military action that could disrupt crude supplies while there are outages in Kazakhstan.
Brent crude futures for March rose 76 cents, or 1.2%, to $64.82 a barrel by 1026 GMT. U.S. West Texas Intermediate crude was up 75 cents, or 1.3%, at $60.11.
Both benchmarks were set for weekly gains of about 1.1%.
Prices had also climbed earlier in the week on U.S. President Donald Trump’s moves on Greenland but dropped by about 2% on Thursday as he backed off tariff threats against Europe and ruled out military action.
Trump said on Thursday that Denmark, NATO and the U.S. had reached a deal that would allow “total access” to Greenland.
However, he also said that the U.S. has an “armada” heading towards Iran but hoped he would not have to use it, renewing warnings to Tehran against killing protesters or restarting its nuclear programme.
Warships including an aircraft carrier and guided-missile destroyers will arrive in the Middle East in the coming days, a U.S. official said. The United States conducted strikes on Iran last June.
Iran is a major exporter to China, the world’s second-largest oil consumer.
Meanwhile, Chevron said that oil output at Kazakhstan’s vast Tengiz oilfield, one of the world’s largest, has yet to resume after Chevron-led operator Tengizchevroil (TCO) announced a shutdown on Monday following a fire.
Reporting by Shadia Nasralla, Helen Clark and Sudarshan Varadhan Editing by David Goodman
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