Oil prices stabilized following a significant daily increase, driven by President Donald Trump's renewed threats of action against Iran and a decrease in US crude inventories. The market experienced its largest one-day jump in over two weeks prior to this stabilization.

West Texas Intermediate crude futures saw a modest fluctuation, indicating a pause after the recent surge. The geopolitical tensions surrounding Iran continue to be a primary driver for price movements, with any escalation potentially impacting global supply.

Furthermore, the reduction in US oil stockpiles, as reported by the Energy Information Administration, suggests an uptick in demand or a slowdown in domestic production. This supply-side factor adds another layer of support to current price levels, keeping the market on edge for further developments.