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Oil prices were rising in early trading as investors closely monitor developments in Iran, with Brent crude up 0.9% to $64.66 a barrel and WTI gaining 0.7% to $59.36 a barrel.

President Donald Trump said the U.S. is watching Tehran closely and has an “armada” heading toward the region, though he said he hopes it won’t be needed.

The gains come despite signs of progress in Ukraine peace talks and persistent concerns about excess supply in global markets.

“Signs of ample supply remain evident, including a second straight weekly rise in U.S. crude inventories to the highest level since November, the return of flows in the Mediterranean and Black Sea, and Venezuelan barrels re-entering global markets following recent U.S. intervention,” Soojin Kim from MUFG said.