The oil market is wrestling with Donald Trump’s next act in the conflict between Iran and Israel, with the US president’s every utterance over the fighting seemingly capable of spiking or crashing prices.

Oil prices retreated Friday while US and European stock markets mostly gained ground as concerns over a war escalation in Iran eased.

President Donald Trump said Thursday that he would make his decision on striking Iran within the next two weeks.

Russian President Vladimir Putin said on Friday that oil prices had not risen significantly due to the conflict between Iran and Israel, and that there was no need for the OPEC+ group of oil producers to intervene in oil markets.

Stock futures ticked lower before markets reopened Friday morning amid uncertainty among investors over the Middle East and whether the United States was about to get directly involved in the Israel-Iran conflict.

Stock indexes and Treasury yields end the week little changed.

Global benchmark Brent crude oil is up around 20% so far in June, and set for its biggest monthly jump since 2020 as Israel-Iran tensions flare-up.