U.S. Marines stand on stage outside the Federal Building in downtown Los Angeles during an “No War on Iran” protest following the outbreak of the conflict between Iran and Israel, June 19, 2025, in Los Angeles, USA.
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Crude oil prices rose on Friday. Brent crude oil June contract After hitting a four-year high, it has since fallen.
The June contract, which expires Thursday, rose to $126.41 a barrel before settling at $114.01.
On Friday, Brent futures for July rose 1.11% to $111.63 as of 10:15 p.m. ET. west texas intermediate June futures rose 0.45% to $105.54.
The move comes as US President Donald Trump faces a 60-day deadline under the War Powers Resolution related to military action in the Iran war.
Under a 1973 law, the president must withdraw troops within 60 days of notifying Congress of the deployment, unless lawmakers approve military action. Congress did not do so.
The Trump administration claimed Friday that hostilities between the two countries have “ended” with a ceasefire reached three weeks ago, according to MSNow. This would allow the White House to avoid seeking Congressional authorization for war.
Officials said there has been no direct artillery fire between U.S. forces and Iran since the ceasefire was first agreed on April 7, meaning the 60-day deadline no longer applies.
“For purposes of the War Powers Resolution, hostilities that began on Saturday, February 28 have ended,” a government official told MSNow.
The argument was first raised by Secretary of Defense Pete Hegseth during a hearing before the House Armed Services Committee early Thursday, saying the ceasefire effectively suspended the war.
The United States and Israel began attacking Iran on February 28, and President Trump formally notified Congress on March 2, starting a 60-day clock and setting a May 1 deadline.
Lawmakers said President Trump could seek a 30-day extension under the law, but he has not yet done so.
Despite the ceasefire, tensions remain high. President Trump stepped up his threats against Iran on Wednesday, vowing to maintain the U.S. blockade against Iran until it agrees to the nuclear deal.
The Iranian government has refused to reopen the Strait of Hormuz unless the United States lifts the blockade of Iranian ports.
Axios also reported that US Central Command is preparing plans for a “short, powerful” wave of strikes against Iran in hopes of breaking stalled talks between Washington and Tehran.
The two countries are currently under a cease-fire, but a senior Iranian Revolutionary Guards official has threatened to launch “prolonged and painful attacks” against American positions if the US resumes attacks on Iran, Reuters reported, citing Iranian media.
—CNBC’s Kevin Breuninger contributed to this report.
