Oil prices rise after Trump says U.S. doesn't need Iran deal

Oil rose after President Donald Trump said that the U.S. doesn’t need a deal with Iran, dimming prospects for a breakthrough to end the war that has roiled Middle East supplies. “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 post on Truth Social on Thursday. Brent crude initially surged on the comments, before paring some of the gain to trade 0.6% higher. Prices had eased earlier on signs of resurgent oil supplies from Saudi Arabia. Brent crude, the international standard, rose 0.6% to $93.32 a barrel. Trump’s rhetoric marks a shift in tone from recent efforts to pursue a diplomatic resolution, and Iran has also indicated it’s taking a tough stance. The country won’t remove “a single atom” of enriched nuclear material from the country, Secretary of the Supreme National Security Council Mohsen Rezaee said in an interview with Al Mayadeen. Flareups have also persisted. The Islamic Republic said two supertankers loaded with oil were halted by explosions while using the “unauthorized” route through the Strait of Hormuz at night Nov. 11, according to the semi-official Iranian Students’ News Agency. Although the global benchmark has rallied more than 50% this year, it has fallen sharply this month on a recovery in flows from the Middle East and speculation that the Democrats’ victory in U.S. midterm elections could hasten the end of the conflict. “If talks are off, it could mean status quo remains and Brent drifts lower…

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