After US President Donald Trump renewed its threats against Iran, a major producer in the Middle East, the Oil prices rebounded on Friday.

The price of Brent crude oil for delivery in March increased by 29 cents, or 0.5%, to reach $64.35 per barrel.

The American Crude Oil Price West Texas Intermediate also increased by 29 cents, or 0.7%, to 59.65 dollars per barrel at 7:51am GMT.

Both contracts fell by around 2% on Thursday. They recovered after Trump told reporters on board Air Force One that the United States had an “armada” heading towards Iran, but hoped not to have to use it, while renewing his warnings in Tehran against the murder of demonstrators or the resumption of its program nuclear.

Brent and WTI are expected to post gains weekly by around 0.6% after climbing at the beginning of the week following the Trump's threats to invade Greenland, which could destabilize the transatlantic alliance, before falling on Thursday after its U-turn concerning any military action.

Prices also have declined following the release of pessimistic government data showing an increase in inventories in the United States, the world's largest consumer of oil last week, amid a slowdown in demand of fuel.