The June contract, which expired on Thursday, climbed to $126.41 a barrel before settling at $114.01.<\/p>\n
On Friday, the July Brent futures contract rose 1.11% to $111.63 as of 10:15 p.m. ET, while U.S. West Texas Intermediate<\/a> futures for June gained 0.45% to $105.54.<\/p>\n The moves come as U.S. President Donald Trump faces a 60-day deadline under the War Powers Resolution<\/a> related to military action in the Iran war. <\/p>\n Under the 1973 law<\/a>, a president must withdraw troops within 60 days<\/a> of notifying Congress of their deployment, unless lawmakers authorize the military action. Congress has not done so.<\/p>\n The Trump administration argued on Friday that a ceasefire reached three weeks ago had “terminated” hostilities between the two sides, according to MSNow. This would allow the White House to avoid seeking Congressional approval for the war. <\/p>\n An administration official said that the absence of direct fire between U.S. forces and Iran since a ceasefire was first agreed to on April 7 means the 60-day clock no longer applies.<\/p>\n “For War Powers Resolution purposes, the hostilities that began on Saturday, February \u200b28, have terminated,” an administration official told MSNow.<\/p>\n The argument was first raised by Defense Secretary Pete Hegseth during his hearing<\/a> before the House Armed Services Committee earlier Thursday, where he said the ceasefire effectively paused the war.<\/p>\n Stock Chart IconStock chart icon The U.S. and Israel launched strikes on Iran on Feb. 28, and Trump formally notified Congress on March 2, starting the 60-day clock and setting up a May 1 deadline. <\/p>\n Trump could seek a 30-day extension under the law but has not done so, according to lawmakers. <\/p>\n Tensions remain elevated despite a ceasefire. Trump on Wednesday escalated threats against Tehran, vowing to maintain the\u00a0U.S. blockade<\/a>\u00a0on Iran until Tehran agrees to a nuclear deal.<\/p>\n Tehran has refused to reopen the Strait of Hormuz unless the U.S. lifts its blockade of Iranian ports. <\/p>\n![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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