Global oil prices rose sharply after US President Donald Trump said there was no need to make a deal with Iran. His words weakened expectations of a quick diplomatic resolution to the conflict in the Middle East and brought back fears to the market about the stability of oil supplies.
This was reported by Bloomberg on November 13.
Benchmark Brent crude rose 3.3% to $95.82 a barrel at the close of trading on Thursday. US West Texas Intermediate (WTI) rose 2.6% to $88.74. On Friday, prices eased somewhat but retained a significant part of the previous gain.
According to Reuters, as of 05:27 GMT on November 13, Brent was trading near $95.54 per barrel, and WTI at $88.18.
The catalyst for the change in investor sentiment was a statement by Trump posted on Truth Social on November 12. The US President said that Washington no longer considers it necessary to negotiate with Tehran.
"We don't need a deal with Iran. Those days are long gone", Trump wrote.
He also stated that the US controls the Strait of Hormuz and has financial leverage over Iran. At the same time, the American President instructed Vice President JD Vance to focus on domestic US issues instead of negotiations with Tehran.
This decision cast doubt on the prospects of informal diplomatic contacts that had recently been conducted between the parties. Previously, investors had hoped that negotiations would help end the war and restore stable oil supplies from the region.
An additional factor supporting oil prices remains the danger to commercial shipping. According to data from consulting firm Verisk Maplecroft, cited by Bloomberg, 36 confirmed attacks on commercial vessels were recorded in October in the Persian Gulf, the Strait of Hormuz, and the Gulf of Oman. This is the highest monthly figure since the beginning of the war.
Despite the sharp rise on Thursday, oil may still finish a second consecutive week of decline. According to Reuters estimates, Brent is heading for a weekly decline of about 2.4%, while WTI is down 2.5%.
Pressure on prices comes from increased oil supply from the Middle East. At the same time, Washington's decision to continue the blockade of Iran without immediate resumption of large-scale military strikes reduces fears of a new wave of escalation.
In late October, Brent reached a six-month high, after which it began to cheapen amid expectations of a diplomatic settlement. However, since the beginning of 2026, the price of the benchmark grade has still risen by almost 60%.
