- Brent crude oil prices rose above $95 per barrel after Trump's Iran conflict comments
- Brent futures settled 3.3% higher at $95.82, WTI gained 2.6% to $88.74 on Thursday
- Trump said the US does not need a deal with Iran and controls Iranian funds and strait
Brent crude oil prices moved back above $95 per barrel on Friday after US President Donald Trump said Washington did not need a deal with Iran, raising concerns that the conflict could continue. Brent had eased below $90 earlier this week.
At last check, Brent crude was trading nearly flat with a negative bias at around $95.70 per barrel. On Thursday, Brent futures settled 3.3% higher at $95.82 per barrel, while US West Texas Intermediate (WTI) crude gained 2.6% to settle at $88.74.
"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!" Trump said in a Truth Social post on Thursday.
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Trump also directed Vice President JD Vance to shift his attention to alleged crime and corruption in Democratic-run cities and states, rather than focus on efforts to resolve the conflict.
Meanwhile, Iran has maintained that the US must lift its naval blockade and sanctions before direct peace talks can take place. Iranian officials have also said Tehran has no intention of removing its enriched nuclear material from the country.
Despite Thursday's gains, both benchmarks remain on track for a second consecutive weekly decline. Oil prices have fallen this month, with WTI down around 16% and Brent declining nearly 20% in November, as expectations of a possible resolution to the US-Iran conflict eased concerns over supply disruptions.
Earlier this week, Trump said further US military action against Iran appeared unlikely as efforts to resolve the conflict continued. The comments had weighed on crude prices amid expectations that Middle Eastern oil supplies would recover and shipping through the Strait of Hormuz would face fewer disruptions.
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