Trump's remarks push oil prices higher
Global oil prices maintained their upward momentum following U.S. President Donald Trump's remarks suggesting that Washington could abandon a potential agreement with Iran.
Brent crude, which gained 3.3% on Thursday, traded around $96 per barrel on Friday, November 13, while U.S. West Texas Intermediate (WTI) crude hovered near $88 per barrel. Trump's instruction to Vice President JD Vance to focus on domestic issues rather than negotiations with Iran weakened expectations that conflicts in the Middle East could be resolved through diplomacy.
In a social media statement, Trump said the United States did not need an agreement with Iran, maintaining his hardline stance toward Tehran. After reaching a six-month high in late October, Brent crude had declined amid increased oil flows from the Middle East and hopes that regional conflicts could come to an end. Although oil prices were heading for a second consecutive weekly decline, they remained approximately 60% higher since the beginning of the year. U.S.-Iran relations and risks to regional energy supplies continue to play a decisive role in global oil market pricing.