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

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

Oil markets are reacting to the impact of a U.S. decision to directly enter the Iran-Israel conflict.

The rise in prices came after President Trump said he had \

Oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate against US attacks on its nuclear sites.

Brent crude futures were up $1.52 or 1.97 per cent to $78.53 a barrel as of 6am UK time. US West Texas Intermediate crude advanced $1.51 or 2.04 per cent to $75.35.