US President Donald Trump said the United States does not need a deal with Iran to end the Middle East war. He instructed Vice President JD Vance to prioritise domestic issues over continuing negotiations with Tehran, in a post on Truth Social on Thursday.
“We do not need a deal with Iran. Those days are long gone,” Trump wrote. “We have already gotten their money, hundreds of billions of dollars, and we have also taken control of their strait!”
Shipping risk stays elevated
Verisk Maplecroft counted 36 confirmed attacks on commercial ships in the Persian Gulf, the Strait of Hormuz and the Gulf of Oman in October. That is the highest monthly total since the war began.
Sid Perkins, founder, chairman and CEO of Snapper Creek Energy, said attacks on commercial vessels were continuing and disrupting energy infrastructure. He said the Strait of Hormuz remained a primary concern.
Prices fell back over two weeks
Brent was on a weekly decline for a second consecutive week, after reaching a six-month high in late October. Brent closed at 96 dollars a barrel.
Rising supply from the Middle East pressured prices, along with expectations that a Democratic win in the US midterm elections would hasten the end of the Iran conflict. Oil futures are still up roughly 60 percent so far this year.
US data showed crude and product inventories rose in the previous week, and US refinery throughput hit a seasonal record. Ukraine continues to attack Russian oil processing facilities, which could reduce global fuel supply.
Related: Oil rises as Trump says no deal needed with Iran · Oil steady near $86 as US-Iran tensions ease without a deal
