Oil
Oil prices climb as US dismisses prospect of Iran deal
Crude benchmarks rose following comments from Washington dimming hopes for a diplomatic resolution in the Middle East conflict.
Key points
- Brent crude settled 3.3 percent higher at nearly 96 US dollars a barrel.
- US President Donald Trump stated that Washington does not need a deal with Iran.
- Geopolitical tensions and ongoing tanker disruptions continue to add risk premiums to global markets.
What happened
Crude prices increased following statements from United States President Donald Trump indicating that Washington could forgo a diplomatic agreement with Iran, according to Rigzone reporting. Benchmark Brent crude settled 3.3 percent higher at nearly 96 US dollars a barrel. Rigzone reported that the remarks reversed optimism regarding a potential resolution to supply disruptions in the Middle East.
In a post on social media, President Trump asserted that the US no longer requires an accord with Tehran. In response, Iranian officials adopted a firm posture, with Supreme National Security Council Secretary Mohsen Rezaee stating that the country would not remove enriched nuclear material. Meanwhile, tanker operations through the Strait of Hormuz faced continued disruption after two supertankers were reportedly halted by explosions.
Market response
Market analysts noted that the geopolitical friction offset an overwhelmingly bearish report from the US Energy Information Administration, which showed domestic crude stockpiles rising by 4.7 million barrels. TD Securities senior commodity strategist Ryan McKay told Rigzone that the latest headlines poured cold water on deal optimism and brought risk premiums back into pricing.
Additional upward pressure on diesel and refined products stemmed from ongoing disruptions in Europe, where Ukrainian drone strikes have targeted Russian refining facilities. These regional supply bottlenecks have compounded the global energy squeeze.
Why it matters
According to US Energy Information Administration data, the Brent spot price stood at 92.14 US dollars per barrel on November 11, 2026, while the WTI spot price was registered at 89.62 US dollars per barrel. For energy investors and African importing nations, heightened volatility in global crude benchmarks directly influences refined product import costs and foreign exchange pressures, particularly against currency reference rates such as the Nigerian naira at 1349.82 per US dollar. Sustained Middle East supply risks underscore the vulnerability of global trade routes and highlight the ongoing financial exposure facing emerging market economies reliant on imported petroleum products.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
68.0% of Iran’s merchandise exports were fuels in 2023Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
