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Oil prices swing as Trump says US no longer needs Iran deal

Oil prices jumped after President Donald Trump said Washington did not need a deal with Iran. US crude stockpiles also rose more than expected, adding to a market already swinging on peace hopes.

Illustration: A row of tall refinery towers and round storage tanks stands in silhouette against a huge setting sun, with a thin plume of steam drifting sideways in the evening air.
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Oil prices rose on Thursday after President Donald Trump said Washington did not need a deal with Iran. Only three days earlier he had suggested the eight-month war was nearing its end, so the change in tone was sharp. In a post on Truth Social, he wrote that Washington controlled Iran's money and the Strait of Hormuz.

Oil has fallen about 20% from its late-October high of $118 a barrel. Traders and investment funds such as hedge funds have often bought again when peace talks broke down, and the recent fall reflects hopes for lasting calm in the Middle East and the Russia-Ukraine war. US-mediated talks between Ukraine and Russia are under way, and messages have passed through Qatar, but there are no signs yet of a breakthrough in either conflict.

Brent crude$95.84down −9.64%over 1 month
$117.64$91.4914 Oct13 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

In the week ending November 6, the US Energy Information Administration reported that commercial crude holdings climbed 4.7 million barrels. Stocks reached 414.4 million barrels, a level 4% under the five-year mean for that point in the year. Overall commercial petroleum stocks increased 11.4 million barrels across the same stretch.

Crude stock changes

  • Actual weekly rise4.7 million barrels
  • Total commercial rise11.4 million barrels

Figures from the Energy Information Administration and a survey of analysts.

A survey of analysts had expected crude stocks to fall by 700,000 barrels, so the rise came as a surprise. The inventory figures did not hold back prices, which have been pulled between hopes for diplomacy with Iran and fears that the conflict could escalate.

For households and savers, crude prices can feed into fuel costs over time. The figures here do not show how far pump prices may move, and the latest swings reflect shifting expectations for peace rather than a settled change in supply.

$1,000 in Brent crude

Had you put $ into Brent crude a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

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This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake

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