Trump: “No Deal With Iran”... Global Oil Prices Surge More Than 1%

【Financial News, New York—Correspondent Lee Byeong-cheol】  International oil prices surged more than 1% after U.S. President Donald Trump declared that there was no longer any need for an agreement with Iran. Concerns have risen again that the war between the United States and Iran could drag on, spreading supply worries in the oil market.
According to CNBC and other outlets, Brent crude futures, the benchmark for global oil prices, traded up 1.6% at $94.25 a barrel on the 12th (local time). U.S. West Texas Intermediate (WTI) crude futures also rose 1.3% to $87.62 a barrel.
Global oil prices rose because concerns grew that the war would be difficult to end soon after President Trump effectively ruled out the possibility of negotiations with Iran.
President Trump said on his social media platform Truth Social that day, “We have no need to make a deal with Iran. Those days are long gone.”
He went on to claim, “We have secured hundreds of billions of dollars of their money, and taken control of their strait as well.” The strait President Trump referred to is the Strait of Hormuz, a key route for global oil shipments.
President Trump also instructed Vice President JD Vance to focus on corruption and crime in Democratic-led cities and states instead of diplomatic negotiations with Iran.
The remarks came a day after reports emerged that Vice President Vance was considering direct talks with a senior Iranian security official. The Wall Street Journal (WSJ) reported on the 11th that Vance was considering pursuing face-to-face negotiations with a senior Iranian security official to end the war with Iran.
As President Trump’s hard-line remarks set back hopes for a diplomatic solution, the possibility of supply disruptions in the Middle East has again come into focus in the oil market. Concerns are growing that volatility in global oil prices could increase if military tensions around the Strait of Hormuz continue.
President Trump’s remarks came a little over a week after Republicans suffered a crushing defeat in the midterm elections. Republican figures, including Vice President Vance, have identified the Iran war, which the United States and Israel began in late February, as one of the main causes of their election loss.
Ahead of the midterm elections, President Trump repeatedly hinted at the possibility of resuming military operations against Iran. But as the standoff between the two sides became deadlocked, military operations have largely subsided in recent days.
Against this backdrop, President Trump’s public declaration that negotiations were unnecessary has again heightened uncertainty over a possible end to the Iran war. 




[email protected] Correspondent Lee Byeong-cheol Reporter