Oil prices advanced on Friday, following a turbulent trading session that pushed the June Brent crude contract to a four-year peak before it pulled back.

The June Brent contract, which expired Thursday, surged to $126.41 per barrel before closing at $114.01.

On Friday, July Brent futures were up 1.11 per cent at $111.63, while U.S. West Texas Intermediate crude for June delivery rose 0.45 per cent to $105.54.

The gains come as U.S. President Donald Trump approaches a 60-day deadline under the War Powers Resolution tied to military action in the Iran conflict.

Under the 1973 statute, the president is required to pull back troops within 60 days of informing Congress about their deployment unless lawmakers formally approve the operation — which they have not.

On Friday, the Trump administration contended that a ceasefire reached three weeks earlier had effectively ended hostilities between the two parties, MSNow reported.

That interpretation would spare the White House from having to seek Congressional authorization for the conflict.

A senior administration official maintained that because there has been no direct exchange of fire between U.S. forces and Iran since the ceasefire was agreed on April 7, the 60-day timeline is no longer in effect.

The United States and Israel carried out strikes on Iran on Feb. 28, with President Donald Trump formally notifying Congress on March 2, triggering a 60-day deadline that expires on May 1.

Although the law allows Trump to request a 30-day extension, lawmakers say he has not taken that step.

Tensions remain high despite a ceasefire. On Wednesday, Trump intensified pressure on Tehran, pledging to sustain the U.S. blockade until Iran agrees to a nuclear deal.

Iran, however, has said it will not reopen the Strait of Hormuz unless Washington lifts restrictions on its ports.