Oil prices edged higher Friday following a turbulent trading session that saw benchmark crude briefly spike to multi-year highs before pulling back.

Brent crude for June delivery surged to $126.41 per barrel before settling at $114.01 ahead of the contract’s expiration on Thursday. The July Brent contract rose 0.9% to $111.42 in early trading Friday, while U.S. West Texas Intermediate futures for June gained 0.31% to $105.40.

The market volatility comes as U.S. President Donald Trump faces a looming 60-day deadline under the War Powers Resolution tied to military operations in the Iran conflict.

The law requires a president to withdraw troops within 60 days of notifying Congress unless lawmakers authorize continued military action. Congress has not yet granted such approval.

However, administration officials argue that a ceasefire reached three weeks ago effectively ended active hostilities, potentially removing the requirement to seek congressional authorization.

Pete Hegseth raised this position during testimony before the House Armed Services Committee, stating the ceasefire had paused the conflict. Officials maintain that the absence of direct clashes between U.S. and Iranian forces since early April means the War Powers clock no longer applies.

The legal interpretation remains contested and adds another layer of uncertainty to markets already reacting to geopolitical tensions in the region.