U.S. oil prices hold near five-month high as Trump weighs Iran attack

U.S. crude oil futures remained near five-month highs on Wednesday as President Donald Trump weighed whether to join Israel’s air campaign against Iran’s nuclear facilities.

U.S. crude oil futures were up 12 cents to $74.96 a barrel, while global benchmark Brent rose 5 cents to $76.50 per barrel.

Oil prices gained more than 4% on Tuesday after Trump threatened Iran’s supreme leader, Ayatollah Ali Khamenei, and demanded his regime surrender unconditionally.

But Khamenei was defiant Wednesday, warning the U.S. of “irreparable damage” if it joined Israel’s air campaign.

The U.S. president is considering whether to launch a strike against Iran, current and former administration officials told NBC News.

Military action is one of several options that Trump is weighing after meeting with his national security advisors in the Situation Room in the White House on Tuesday afternoon, the officials said.

Oil prices have gained about 10% since Israel started bombing Iran’s nuclear and ballistic missile programs on Friday.

This is a developing story. Please check back for updates.