CommoditiesMediumUpdated•Originally published 12 November 2026•Updated 12 November 2026•
1 min read
Oil Prices and Exxon Mobil Shares Rise Following Trump's Iran Comments
Key Facts
1Brent crude prices rose nearly 2% and WTI by 1.5% despite an increase in US crude oil inventories.
2Iran threatened to target US bases across Europe and the Middle East if Trump launches fresh strikes.
3Iran's security council secretary Mohsen Rezaei denied ongoing talks with Washington in Qatar.
WTI crude oil reached $88.04 on November 12, 2026. The price increase followed statements from President Donald Trump asserting that the United States does not need a deal with Iran, heightening supply concerns amid ongoing geopolitical tensions.
Exxon Mobil shares rose 2.1% on November 12, 2026, following President Trump's remarks. These market moves outweighed data from the US Energy Information Administration (EIA) released on the same date, which reported a crude oil inventory build of 4.657 million barrels and a gasoline inventory increase of 1.799 million barrels.