Oil prices jump after Trump says no Iran deal needed: Brent $94.25, WTI $87.62

Oil prices popped on Thursday after President Donald Trump said the United States does not need a deal with Iran, raising worries that an end to the U.S.-Iran war was not in sight. Brent crude traded 1.6% higher at $94.25 per barrel. West Texas Intermediate futures gained 1.3% to trade at $87.62 per barrel.

Trump’s post

Trump said in a Truth Social post: “We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!”

The comment added to concerns that the war may run longer, keeping oil traders focused on the Middle East and the Strait of Hormuz.

Lipow warns on Iran response

Andy Lipow, president of Lipow Oil Associates, said: “The President may be thinking that given enough time, the economic blockade of Iran will force them to either negotiate with the USA or result in a regime change as the Iranian economy collapses. The Iranians might have different ideas and continue to attack Middle East Infrastructure that results in higher prices and forces the President to the negotiating table.”

Lipow also said: “In any event, it does not seem to me that either side’s negotiating position has changed. Iran wants the blockade to end, sanctions to be lifted and a ceasefire including Lebanon to be declared. The USA wants Iran to get rid of its entire nuclear stockpile and allow free transit through the Strait of Hormuz.”

What moved

Brent’s 1.6% gain and WTI’s 1.3% gain came as the latest remarks from Trump kept uncertainty over US-Iran talks alive. The move put Brent at $94.25 and WTI at $87.62 per barrel.