Oil prices rise after Trump says no Iran deal needed: ‘We’ve got their Strait’

Oil prices climbed after Donald Trump said the US did not need a deal with Iran, fuelling concern that the war may continue. Brent crude rose 1.9% to $94.48 a barrel, while US West Texas Intermediate gained 2% to $88.19.

Trump said the US had Iran’s money and control of the Strait, without giving further detail in the post. Market forecaster Jeffrey Currie said increased Middle Eastern supply was keeping near-term prices relatively restrained, but high insurance and tanker costs were supporting prices for later-dated contracts. He said he remained positive on longer-dated oil and shares in drilling and production companies.