Dubai – Oil prices rose significantly at the close of trading on Thursday following a statement by US President Donald Trump indicating that there is no necessity for an agreement with Iran. This declaration intensified concerns regarding the persistence of geopolitical tensions in the Middle East. At the settlement, oil prices recovered losses incurred earlier in the session as ongoing geopolitical friction between Russia and the West overshadowed pressure from increased crude production.
Market Rebound and Price Movements
Brent crude futures rose by 3.06 dollars, or 3.3 percent, at the close to reach 95.82 dollars per barrel. Meanwhile, West Texas Intermediate (WTI) crude climbed 2.21 dollars, or 2.55 percent, to settle at 88.74 dollars per barrel. Both benchmarks had fallen by more than one dollar per barrel during the early Asian trading session and were trending toward a weekly decline before the president’s social media post stabilized sentiment.
Trump’s Statement on Iran
President Trump stated on Thursday that the United States should no longer seek a deal with Iran. He directed his vice president, JD Vance, to focus instead on issues of corruption and crime in Democratic-controlled cities and states. Writing on Truth Social, Trump asserted that those days are long gone, claiming the US has obtained hundreds of billions of dollars and controlled their strait, referring to the strategic Hormuz Strait.
Russia-Ukraine Negotiations
In the conflict between Moscow and Kyiv, Russian and Ukrainian negotiators agreed to a broad prisoner exchange during two-day talks in Abu Dhabi concluded on Wednesday. US mediators noted disagreements remain on key issues including territory. Ukrainian President Volodymyr Zelensky expressed hope for tangible results to end the war this year.
Nuclear Stances and Supply Data
Iran’s National Security Council secretary Mohsen Rezaei warned Tehran would not allow any enriched nuclear material to leave the country, citing consequences for new US strikes. Washington insisted the nuclear file be included in preliminary negotiations to end the eight-month war, while officials downplayed further military action. OPEC+ crude output rose in October due to Saudi increases despite shipping disruptions. US crude stocks reportedly rose by nine million barrels last week according to API data, with official EIA figures pending today.
This story was produced in the newsroom from the disclosed sources named above.
