Trump suggested his next move would hinge on a meeting of the National Security Council. The body met Tuesday without Trump to prepare options for the president, the Washington Post reported, citing a person familiar with the meeting.

Traders are watching the unrest in Iran and possible American intervention, which could threaten the country’s roughly 3.3 million barrels-a-day crude output, as well as further amounts of gassy liquids. Energy Secretary Chris Wright told Fox News that the US would “happily be a commercial partner” for Iranian crude if the regime fell.

Oil has pushed higher in the new year as the turmoil in OPEC’s fourth-largest producer, along with upheaval in Venezuela, restored a premium into prices following a run of five monthly losses spurred by expectations for a glut.

“Protests in Iran risk tightening global oil balances through near-term supply losses, but mainly through a rising geopolitical risk premium,” Citigroup analysts including Francesco Martoccia said in a note. “Current risks are skewed toward political and logistical frictions rather than direct outages, keeping the impact on Iranian crude supply and export flows contained.”

The bumper rally in crude over recent days has caught off guard a market that had been steeped with bearish bets, and further boosts have come from bullish options wagers — where volumes soared to a record this week — and an annual commodity index rebalancing that has added inflows to crude markets.

On the physical front, an industry report indicated that US crude stockpiles rose 5.3 million barrels last week. That would be the biggest increase in two months if confirmed by official data later Wednesday. In addition, the snapshot from the American Petroleum Institute showed builds in gasoline and distillates.