Oil holds gain as Trump says US doesn’t need a deal with Iran

Résumé détaillé

Brent for January settlement slipped 0.3% to $95.52 a barrel at 11:05 a.m. in Singapore.

Oil held gains after President Donald Trump said the US could forgo a deal with Iran, dimming prospects for a breakthrough to end the war that has roiled Middle East supplies.

Brent traded below $96 a barrel after adding 3.3% on Thursday, while West Texas Intermediate was near $88. Trump instructed Vice President JD Vance to focus on domestic issues rather than negotiations with Tehran, throwing cold water on ongoing back channel talks and dampening prospects for a diplomatic resolution to the war.

“We don’t need a deal with Iran,” the president wrote in a post on Truth Social on Thursday. “Those days have long since passed. We’ve got their money, hundreds of billions of dollars, and we’ve got their strait!”

Global benchmark Brent is set for a second weekly decline after hitting a six-month high at the end of October, driven lower by an increase in Middle East flows and hopes that the Democrats’ victory in the US midterm elections would hasten an end to the conflict with Iran. Futures are still up almost 60% this year.

Flareups have persisted in the Middle East. There were 36 confirmed attacks on commercial ships in the Persian Gulf, Strait of Hormuz and Gulf of Oman in October, the highest monthly total since the war began, according to risk consultant Verisk Maplecroft.

“The Strait of Hormuz remains a significant concern, with continued attacks on commercial shipping and disruption to energy infrastructure,” said Sid Perkins, founder, chairman and chief executive officer of Snapper Creek Energy, a brokerage. “When you combine those physical supply risks with a more confrontational tone from Washington, the market has a reason to put some geopolitical risk premium back into crude.”

Signals outside the region are mixed. In a bearish sign, US inventories of crude and oil products rose last week and refinery runs rose climbed to a seasonal record, government data showed on Thursday.

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