Brent crude climbed to $94 per barrel as President Trump's rejection of an Iran deal reignited geopolitical risk premiums, offsetting recent supply-side recovery in Middle Eastern production.
Trump's Truth Social declaration that the U.S. 'no longer needs a deal with Iran' on Thursday reversed the peace narrative that had cut Brent roughly 25% from its late-October high of $118. Brent briefly hit $94 and traded around $93.79, up about 1.1%, as the geopolitical risk premium returned. Iran's refusal to remove enriched nuclear material and the ongoing eight-month war support higher prices, though the market has whipsawed daily on shifting peace expectations.
WTI tracked Brent higher on Trump's rejection of an Iran deal, trading at 87.46, up 1.07% on the day. The same geopolitical risk premium rebuilding applies to U.S. crude, and U.S. inventory data showing sharp crude builds earlier this week limits but does not offset the geopolitical bid.
Oil prices rebounded on Thursday after President Trump declared the U.S. no longer requires a deal with Iran. The statement reversed recent peace optimism that had previously pushed Brent down 25% from its October high of $118, as markets recalibrated the geopolitical risk premium amid ongoing regional conflict.
President Trump said the U.S. no longer needs a deal with Iran, reversing the peace optimism that had driven Brent down about 25% from its late-October high of $118.
Brent briefly hit $94 and by late morning was around $93.79 per barrel, up approximately 1.1%.
Yes, WTI rose about 1.07% to 87.46, moving in tandem with Brent as the Iran risk premium returned.