PomegraOil Jumps to $94 as Iran Deal Hopes Fade
Why is oil up today?
Brent crude (BZ=F) rose about 1.1% to near $93.8 a barrel on Thursday after Trump said the US does not need an Iran deal, reviving fears the Strait of Hormuz stays disrupted.
Key numbers
| Brent crude | $93.73+1.1% on the day |
|---|---|
| Brent intraday high | ~$94+1.8% at the peak |
| WTI crude | $86.76+0.3% on the day |
| Brent in November | -20%CNBC; OilPrice puts fall from late-Oct peak near 25% [1][5] |
| Saudi October output | +26%vs September (per [2]) |
| Hormuz share of oil and LNG | ~20%of global shipments |
What happened
Brent crude (BZ=F) rose about 1.1% to near $93.8 a barrel on Thursday after Trump said the US does not need an Iran deal, reviving fears the Strait of Hormuz stays disrupted. Trump wrote on Truth Social that the US has "their money" and "their Strait," so no deal is needed. Oil had fallen about 25% from a late-October peak above $117 on peace hopes, so the post pulled prices back up. The Strait of Hormuz, a narrow sea lane carrying about 20% of the world's oil and gas, has been disrupted since late February.
Why it matters
Brent crude, the world's main oil price benchmark, feeds into what people pay for fuel, flights and shipping. Trump's post removes the near-term hope of a deal that would reopen the Strait of Hormuz, so traders are again adding extra cost for war danger (the war risk premium). Rising Saudi output, up 26% in October, has so far limited how far prices can climb.
Who this affects
- MarketmixedMedium impact
- Energy investors gain; fuel-sensitive sectors face renewed cost worries.
- CompanybullishLow impact
- Oil producers benefit from higher crude prices.
- CompetitorsneutralLow impact
- US crude (WTI) also rose, though by less than Brent.
- IndustrymixedMedium impact
- Airlines and shippers face higher fuel costs; producers benefit.
Brent Crude vs WTI Crude
| Brent crudeBZ=F | $93.73 | +1.1% | -20% |
|---|---|---|---|
| WTI crudeCL=F | $86.76 | +0.3% | -16% |
As of 2026-11-12
How we got here
US-Israel war with Iran begins; shipping through the Strait of Hormuz is restricted.
Brent peaks above $117 a barrel after fresh attacks on shipping.
Brent falls below $90 for the first time since August on Qatar-led peace hopes.
Trump says no Iran deal is needed; Brent jumps to about $94.
What to watch
- Iran's response and any new attacks on Gulf shipping or energy sites.2026-11-13
- Whether Qatar's push to reopen the Strait of Hormuz continues.Q4 2026
- Saudi and other OPEC+ output, which has been offsetting war risk.Q4 2026
Educational content only. Not investment advice.
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