Oil prices maintained their upward momentum on Friday, November 13, 2026, following remarks by US President Donald Trump that cast doubt on the prospects of a deal with Iran. Brent crude settled at around $96 a barrel on Thursday and was trading at $95.95 in early Asian hours on Friday. Meanwhile, US West Texas Intermediate (WTI) crude fell below $89 a barrel after a 2.6% rise in the previous session.
The rally was triggered by a post from Trump on Truth Social, where he stated, "We don't need a deal with Iran. Those days have long since passed. We've got their money, hundreds of billions of dollars, and we've got their strait!" He also instructed Vice President JD Vance to focus on domestic issues rather than negotiations with Iran, effectively undermining ongoing back-channel talks and reducing the likelihood of a diplomatic resolution.
Trump's comments were interpreted by investors as a signal that tensions in the Arabian Gulf would persist, leading to a 3.3% increase in Brent prices on Thursday. Despite the recent gains, Brent is on track for a second consecutive weekly loss, having peaked at a six-month high at the end of October before slipping due to increased West Asian oil flows and optimism about a potential end to the conflict following the Democrats' win in the US midterm elections.
In related developments, Iran's military reported that explosions hit four oil tankers in the Strait of Hormuz on Thursday, claiming the vessels had ignored warnings and entered restricted waters. The Revolutionary Guards Navy stated that two supertankers were disabled after using an "unauthorised route," and Iranian state media aired footage of the incidents. Additionally, the UK Maritime Trade Operations agency reported that an unidentified projectile struck a vessel near Ras Al Khaimah in the UAE, causing a fire in the engine room.