Oil Climbs Above $95 as Trump Rejects Iran Deal
Brent crude rebounded Friday after Trump said the U.S. does not need a deal with Iran, reversing earlier losses this week.
Updated on Nov. 13, 2026 in Oil and Gas
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Brent crude oil moved back above $95 per barrel on Friday after easing below $90 earlier this week. Prices rose after President Donald Trump posted on Truth Social on Thursday that the U.S. does not need a deal with Iran.
Why it matters
Oil prices had fallen this month as expectations of a possible resolution to the U.S.-Iran conflict eased concerns over supply disruptions. Trump's remarks raised the prospect that the conflict could continue, putting the Strait of Hormuz shipping route back in focus.
Brent settled at $95.82 per barrel on Thursday, up 3.3%, while WTI settled at $88.74, up 2.6%. Both benchmarks are down sharply in November, with Brent off nearly 20% and WTI down around 16%, and it remains unclear whether the rebound will persist.
The players
Donald Trump
The U.S. president, who has pursued a hard line on Iran and whose statements on the conflict have moved oil markets.
JD Vance
The U.S. vice president, whom Trump directed to focus on alleged crime and corruption in Democratic-run cities and states.
The details
Trump posted on Truth Social on Thursday that the U.S. does not need a deal with Iran and directed Vice President JD Vance to shift attention to alleged crime and corruption in Democratic-run cities and states. Iran has said the U.S. must lift its naval blockade and sanctions before direct peace talks can take place, and Iranian officials have said Tehran has no intention of removing its enriched nuclear material from the country.
Timeline
Earlier this month: oil prices began falling as expectations of a resolution eased.
Earlier this week: Brent eased below $90 per barrel.
Thursday, November 12, 2026: Trump posted that the U.S. does not need an Iran deal, and Brent settled higher.
Friday, November 13, 2026: Brent climbed back above $95 per barrel.
Market Landscape
The rebound in Brent and WTI tracks the U.S. naval blockade of Iran and the unresolved dispute over Iran's enriched nuclear material. Oil prices have swung with each signal about whether that standoff will be resolved through talks or continue.
Shifts in crude prices feed into fuel costs at the pump and into energy-linked household budgets, so the direction of the Iran standoff affects what consumers pay. Readers tracking fuel or energy costs should watch whether the rebound holds in the coming sessions.
The takeaway
Oil prices are reacting sharply to every signal on the U.S.-Iran standoff, so swings in either direction should be read as sensitive to the state of negotiations rather than as settled trends.
Further reading
For more on how geopolitical tensions move global supply, see the Oil and Gas section.
Source note: This article includes information reported by NDTV Profit.
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