President Donald Trump said Thursday that he will decide within the next 10 days whether the United States will launch military strikes against Iran, as tensions rise and oil markets react.

“So now we may have to take it a step further, or we may not,” Trump said during the inaugural meeting of his Board of Peace. “Maybe we’re going to make a deal. You’re going to be finding out over the next probably 10 days.”

The president added, “It’s proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal, otherwise bad things happen.”

The remarks come amid renewed diplomatic talks and a growing U.S. military presence in the Middle East.

Oil Prices Climb on Fears of Conflict

Energy markets responded quickly to the uncertainty.

U.S. crude oil rose $1.24, or 1.9%, to close at $66.43 per barrel. Global benchmark Brent crude gained $1.31, or 1.86%, settling at $71.66.

West Texas Intermediate crude is up more than 5% this week and nearly 16% so far this year, driven largely by concerns that escalating tensions could disrupt global oil supplies.

Traders are particularly focused on the Strait of Hormuz, a critical chokepoint through which a significant share of the world’s crude oil passes. Iran’s Revolutionary Guard conducted military exercises in the strait this week, adding to fears that any conflict could threaten shipping lanes.

A disruption in the waterway could send oil prices sharply higher and ripple through global markets.

Diplomacy Still Underway

Despite the heightened rhetoric, diplomatic efforts continue.

U.S. envoys Steve Witkoff and Jared Kushner held talks in Geneva this week with Iranian officials over Tehran’s nuclear program. Vice President JD Vance said Tuesday that Iran did not address red lines set by Trump during the discussions.

White House Press Secretary Karoline Leavitt said Wednesday that there are “many reasons and arguments that one could make for a strike against Iran.” She added that while some progress was made in Geneva, the two sides remain “still very far apart on some issues.”

The administration has not detailed the specific red lines discussed publicly.

Military Presence Expands

At the same time, the United States is expanding its military footprint in the region.

The USS Abraham Lincoln aircraft carrier is already operating in Middle Eastern waters. A second carrier, the USS Gerald Ford, is en route, signaling a significant show of force.

The dual-carrier presence underscores the seriousness of the moment, even as officials maintain that a final decision has not been made.

Military analysts note that carrier strike groups provide flexibility, allowing the U.S. to conduct air operations, deterrence missions, or rapid-response actions if necessary.

What Happens Next

Trump’s 10-day timeline creates a defined window of uncertainty for markets and global leaders alike.

If a deal emerges from ongoing negotiations, tensions could ease and oil prices may stabilize. If talks collapse and military action proceeds, the consequences could extend beyond the Middle East, affecting global energy supplies, financial markets, and geopolitical alliances.

For now, the administration appears to be weighing both diplomacy and force.

“You’re going to be finding out over the next probably 10 days,” Trump said.

Investors, oil traders and foreign governments will be watching closely.

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