Trump’s Iran Stance Reignites Oil Supply Concerns
Brent and U.S. crude rose after Trump said Washington no longer needed a deal, while an analyst saw little change in negotiating positions.
Key takeaways
- Brent rose 1.6% to $94.25 a barrel, CNBC reported.
- Andy Lipow said he saw no change in either side’s negotiating position.
Oil prices rose Thursday after President Donald Trump said the United States did not need an agreement with Iran, adding to concerns that the conflict could continue. CNBC reported Brent crude up 1.6% at $94.25 a barrel and West Texas Intermediate up 1.3% at $87.62.
In a Truth Social post, Trump said, “We've got their Strait!” He also claimed the United States had Iran’s money.
Andy Lipow, president of Lipow Oil Associates, said he saw no change in either side’s negotiating position. He said Iran wants the blockade to end, sanctions lifted and a ceasefire including Lebanon, while the United States wants Iran to give up its nuclear stockpile and allow free passage through the Strait of Hormuz.
As of Thursday at 13:47 UTC, December WTI futures traded at $87.03, up 0.58% since the previous close.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
