Key facts
- Trump wrote on Truth Social that Washington had control of Iran's money and the Strait of Hormuz.
- Brent was trading around $93.79 a barrel by late morning on November 12, up about 1.1%.
- Mohsen Rezaee, secretary of Iran's Supreme National Security Council, said Tehran would not remove any enriched nuclear material.
- Iran claimed four tankers were struck by explosions over two days, including supertankers it said used unauthorized routes; the accounts were not independently verified.
- Saudi Arabia reported a 26% increase in October production, and Iraq also raised output.
President Donald Trump said on November 12, 2026 that the United States does not need a deal with Iran, writing on Truth Social that "those days have long since passed" and that Washington had control of Iran's money and the Strait of Hormuz. The remarks reversed the tone of the preceding days, when Trump had suggested a settlement could be imminent on November 2 and described the war as "militarily effectively over" on November 9 after discussions with Qatar's prime minister.
Brent crude initially rose after the comments before paring gains. By late morning the benchmark was trading around $93.79 a barrel, up about 1.1%, according to Oilprice.com. The move followed a roughly 25% decline from a late-October high of $118 as traders reassessed the geopolitical risk premium tied to the eight-month war.
Iran has shown little willingness to soften its position. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, said Tehran would not remove any enriched nuclear material from the country. Iran also claimed that four tankers had been struck by explosions over two days, including supertankers it said were attempting to use unauthorized shipping routes; those accounts have not been independently verified.
Middle Eastern crude supplies have recovered considerably despite the diplomatic uncertainty. Saudi Arabia reported a 26% increase in October production, and Iraq has also increased output. Those additional barrels have helped pressure oil prices, though shipments remain dependent on alternative routes, ship-to-ship transfers and military protection, leaving futures unusually sensitive to diplomatic statements and renewed threats against tankers.