Trump posted on Truth Social that the US doesn't need a deal with Iran, that "those days have long since passed," and that "we've got…

Trump posted on Truth Social that the US doesn't need a deal with Iran, that "those days have long since passed," and that "we've got their money... and we've got their strait!" He also told JD Vance to focus on domestic issues instead of negotiating with Iran, which undercuts the back-channel talks.

The message wasn't one-directional, though: in an interview Trump also said it would be a defeat to leave office with Iran's current leadership still in power.

Iran's military said explosions hit four oil tankers in the Strait of Hormuz over Wednesday and Thursday, and the Revolutionary Guards Navy said two supertankers were disabled after using an "unauthorised route" (Reuters said it couldn't immediately verify the claims). Separately, UKMTO reported a tanker struck by an unknown projectile near Ras Al Khaimah in the UAE, starting an engine-room fire; the crew was evacuated.

Markets moved. Brent reversed early losses to settle Thursday at $95.82, up 3.3%, with Houthi claims of attacks on Saudi energy infrastructure adding to the tanker risk. WTI settled at $88.74, up 2.6%.

In early Friday trade both are giving a little back: Brent around $95.53, WTI around $88.23. The US 10-year sits at 5.10%, up from 4.84% a week earlier, pushed by October CPI at 4.0% and Fed officials Daly and Williams saying more tightening could be needed. Gold hit $3,879 before bouncing to about $3,918, up 0.8%.

What I keep coming back to: even after Thursday's jump, Brent is on course for a second straight weekly loss. The hope for a faster end to the conflict has been the bid holding oil down, and now it has to survive a president publicly brushing off talks and a very bad stretch in Hormuz. I'm not sure how long the "peace is coming" trade holds up.

Sources:
CNBC-TV18: https://www.cnbctv18.com/market/commodities/crude-oil-prices-brent-near-96-wti-trump-rules-out-us-iran-deal-strait-of-hormuz-attacks-west-asia-supplies-20033024.htm
Moneycontrol/Bloomberg: https://www.moneycontrol.com/news/business/gold-near-13-month-low-as-fed-rate-hike-fears-grow-oil-surges-towards-96-14078628.html/amp
Reuters: https://www.reuters.com/5f374b32b07b/world/india/rupees-faltering-rally-faces-returning-oil-pressure-surging-us-yields-2026-11-13

Not financial advice. For informational and educational purposes only.