Brent Briefly Hits $96 After Trump Says U.S. Has No Need for Iran Deal

President Donald Trump declared Thursday that the United States no longer needs a deal with Iran, just three days after suggesting the eight-month war was nearing its end. Oil prices promptly jumped, adding another round of volatility to a market that has spent November reacting to shifting expectations for peace.

“We don’t need a deal with Iran. Those days have long since passed,” Trump wrote on Truth Social, adding that Washington had control of Iran’s money and the Strait of Hormuz.

The remarks marked a sharp departure from Monday, when Trump described the war as “militarily effectively over” following discussions with Qatar’s prime minister. He also suggested renewed military strikes were unlikely and expressed optimism about ending the conflict.

On November 2, Trump had suggested a settlement could be imminent, claiming Iran wanted an agreement.

Those increasingly optimistic statements helped reinforce expectations that diplomacy could bring an end to the conflict. Brent subsequently fell roughly 25% from its late-October high of $118 as traders reassessed the geopolitical risk premium.

Thursday’s comments reversed that narrative.

Brent initially surged before trimming its gains. By late morning, the benchmark was trading around $96 per barrel, up approximately 3.7%.

Meanwhile, Iran has shown little willingness to soften its negotiating position. Mohsen Rezaee, secretary of Iran’s Supreme National Security Council, said Tehran would not remove any enriched nuclear material from the country.

Iran claimed Thursday that four tankers had been struck by explosions over two days, including supertankers allegedly attempting to use unauthorized shipping routes. Those accounts have not been independently verified.

Despite the diplomatic uncertainty, Middle Eastern crude supplies have recovered considerably. Saudi Arabia reported a 26% increase in October production, while Iraq has also increased output.

Those additional barrels have helped pressure oil prices, although shipments remain dependent on alternative routes, ship-to-ship transfers and military protection.

Physical crude availability is improving. Normal shipping conditions are not, leaving oil futures unusually sensitive to diplomatic statements and renewed threats against tankers.

Source: Oilprice