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

- URL: https://talkfuse.com/story/oil-prices-rise-after-trump-says-no-iran-deal-needed-weve-got-their-strait/
- Published: 2026-11-12T19:04:21+00:00
- Updated: 2026-11-12T19:51:07+00:00
- Original publisher: CNBC (publisher lean: Centre)
- Original article: https://www.cnbc.com/2026/11/12/oil-prices-jump-after-trump-says-no-iran-deal-needed-weve-got-their-strait.html
- Topics: Business, Government, Middle East, Politics, World

## Key points

- Oil rose as Trump’s comments cast doubt on a deal with Iran.
- Brent reached $94.48 a barrel; WTI hit $88.19.
- High shipping costs are supporting prices for future oil.

## Summary

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.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.