Oil prices turned higher Thursday morning after President Donald Trump wrote on Truth Social that the United States no longer needs an agreement with Iran. “We don’t need a deal with Iran. Those days have long since passed,” he wrote, adding: “We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!”
In the hour before the post, both benchmarks were trading below Wednesday’s settlement, after Brent crude fell as low as $91.19 a barrel overnight. After it, Brent jumped above $94 and U.S. West Texas Intermediate reached $87.75. Both then gave back part of the gain. By about 9 a.m. Eastern, Brent was near $93.30, up about 0.6% from Wednesday’s settlement of $92.76, and WTI was near $86.65, little changed from $86.53.
The Strait of Hormuz, a major route for Gulf oil, is at the center of the dispute. Trump has said the U.S. controls the strait, while Iran claims control of it.
Traders next get weekly U.S. inventory data from the Energy Information Administration at noon Eastern on Thursday, a day later than usual because of Veterans Day. Prices were moving quickly, and these figures are from midmorning trading.
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