Baghdad: Oil prices stabilized at their highest levels in over a week after US President Donald Trump escalated pressure on Iran by imposing further sanctions on ships transporting its oil and announcing the deployment of a naval fleet to the Middle East. Brent crude futures rose by $1.82, or 2.8%, to settle at $65.88 a barrel, their highest level since January 14.

According to National Iraqi News Agency, US West Texas Intermediate crude also gained $1.71, or 2.9%, to reach $61.07, also its highest level in over a week. Both benchmarks recorded weekly gains exceeding 2.5%. Oil prices had risen earlier in the week due to Trump’s actions regarding Greenland, but fell by about 2% on Thursday after he backed away from threats of tariffs against Europe and ruled out military action.

Trump said on Thursday that Denmark, NATO, and the United States had reached an agreement allowing “full access” to Greenland.