Trump does not need an agreement with Iran. Brent started up.
US President Donald Trump said that Washington no longer sees the need to conclude an agreement with Iran, citing control over Iranian funds and the Strait of Hormuz.
The statement, made on November 12 in Ammat Social, reduces expectations for a quick resolution of the conflict and the opening of the Strait of Hormuz.
Against this background, January Brent futures, which hovered around $93 in the morning, rose to $93.69 (+1.0%), during trading it approached $94. WTI for December delivery rises to $86.76 (+0.3%). However, growth is limited by news that oil supplies from the Middle East have almost reached pre-war levels, despite the threats in Hormuz, N&C notes.
The market "overestimated" the likelihood of peace: perhaps investors priced in the ceasefire too quickly, and the return of doubts about the deal pushes the geopolitical premium back up.
Oil and capital.