Brent jumps 3.4% to $95.95 after Trump rejects deal with Iran
Key Facts
Brent crude futures rose 3.4% to $95.95 a barrel at Thursday’s settlement on November 12, while the West Texas Intermediate contract gained 0.07% to $88.80 a barrel on Friday, November 13, according to an Investing.com report. The gains came after U.S. President Donald Trump said he saw no need for a deal with Iran. The Associated Press reported that Trump wrote on Thursday: "We don't need a deal with Iran," adding that "those days are long gone." The agency reported that rising oil prices pressured U.S. stock indexes. But data from the two sessions do not establish crude’s direction over the full trading week, or show that prices were heading for a second weekly loss.
Trump’s remarks added to a supply picture shaped by shipping tensions near Iran and the Strait of Hormuz. The Associated Press said the British military reported on Thursday that at least two tankers had been hit by projectiles in recent days. In an incident on Wednesday, the United Kingdom Maritime Trade Operations agency reported that a tanker was struck in the Strait of Hormuz, northwest of Ras Al Khaimah, and its crew was later evacuated safely with no injuries. Projectiles also hit another tanker in the Arabian Gulf on Tuesday, and several people were taken ashore for medical care, while the rest of the crew were safe. The agency said oil shipments through the strait had recovered to levels close to those before the war, with international tankers relying on U.S. Navy escorts.
Crude prices had risen more than 3% in Thursday’s session, according to Associated Press figures, which put Brent at $95.82 a barrel, compared with the higher settlement of $95.95 in the Investing.com report. The difference reflects two separate price references: the first report cited $95.82, while the second gave Brent’s contract settlement at $95.95. In the same session, oil’s rise followed Trump’s statement that he was no longer interested in a deal with Iran, according to the Associated Press. The agency linked the rally to broad pressure on U.S. stocks. This daily move remains distinct from a weekly trend for which verifiable data were not available in the published information.
Estimates from the U.S. Energy Information Administration place the supply backdrop in a changing context through the autumn. Brent spot prices averaged $124 a barrel in October, up $10 from September and the highest level since July 2022. The administration said Middle East exports rose slightly in October and that continued flows through the Strait of Hormuz using ship-to-ship transfers off the coast of Oman supported supply. This was reflected in prices in late October and early November, when Brent spot prices fell below $100 a barrel on November 4. Average Middle East oil production outages also fell to 2.5 million barrels a day in October, from a peak of 10.9 million barrels a day in May.
In its outlook for November and December, the Energy Information Administration said it expects Brent to average about $100 a barrel as restrictions on oil flows from the Middle East continue. The administration estimates that global inventories fell by 1.2 million barrels a day in the third quarter of 2026, but expects them to begin building in the fourth quarter as global production exceeds consumption. In its report released on November 10, it forecast that global liquid fuels consumption would fall by 2.0 million barrels a day in 2026, then global oil demand would recover and increase by the same amount on average in 2027. On the supply side, seven OPEC+ participating countries decided to maintain in December the production levels required for September 2026. The countries set their next meeting for November 29.