Baghdad: Oil prices rose on Friday, driven by concerns that the United States might take military action against Iran, which could lead to disruptions in global crude supplies. Brent crude futures for March delivery rose 35 cents, or 0.55 percent, to $64.41 a barrel, while U.S. West Texas Intermediate crude rose 33 cents, or 0.56 percent, to $59.69 a barrel.

According to National Iraqi News Agency, both benchmarks had fallen by about two percent in Thursday’s session before rebounding following comments by U.S. President Donald Trump. Trump indicated the movement of a “naval fleet” toward Iran, while expressing his hope that it would not be necessary to use it.

Iran is the fourth largest producer in the Organization of the Petroleum Exporting Countries (OPEC). The potential for military conflict in the region raises concerns about the stability of oil supplies from one of the major producers within the organization.