EL7.AI
GeopoliticsMediumUpdated•Originally published 23 September 2026•Updated 23 September 2026•
1 min read

Trump Raises Prospect of ‘Annihilating the Islamic Republic’ as Brent Settles at $99.25

Key Facts

1Brent crude settled at $99.25 on September 22, 2026, down 1.09%.
2Brent traded between $97.36 and $102.29 during the session.
3The Strait of Hormuz handled about 20% of global oil and liquefied natural gas supplies before the war.

President Donald Trump told the United Nations General Assembly on September 22, 2026, that he faced a choice between a deal allowing Iran to rebuild and quickly “annihilating the Islamic Republic.” The wording targeted the ruling system and presented escalation as a conditional option, not an unconditional declaration that Iran would be destroyed.

November Brent futures settled at $99.25 a barrel, down $1.09, or 1.09%. EL7 data show a session range of $97.36 to $102.29, meaning the benchmark traded on both sides of $100 before closing below it.

Prices declined as Saudi crude flows increased after the East-West pipeline restarted and vessel movements through the Strait of Hormuz rose. Oil then pared steeper losses after Trump's remarks weakened hopes for an early agreement, so the session does not support saying his comments alone drove prices higher.

The Strait of Hormuz handled about 20% of global oil and liquefied natural gas supplies before the war. More barrels reaching the market generally reduce the scarcity premium embedded in futures, while renewed flow constraints can reverse that effect; the next price signal will therefore depend on both supply data and diplomatic progress.