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Oil prices jump after Trump says no Iran deal needed: 'We've got their Strait'

Nov 12, 2026, 9:45 AM EST1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The president's assertion that the U.S. controls the Strait of Hormuz and dismissal of an Iran deal increased the perceived security premium for oil, tightening short-term supply/demand risk and supporting higher crude prices; the magnitude and duration depend on subsequent actions or Iranian retaliation.

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What happened, with direct paths to the underlying reporting

President Trump posted that "We don't need a deal with Iran...We've got their Strait," comments that CNBC links to a near-term uptick in Brent and WTI prices amid renewed concern about Middle East supply disruption.

Brent crude traded 0.5% higher at $93.29 per barrel and WTI traded at $86.05 per barrel around the report.
President Donald Trump posted on Truth Social: "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!"
CNBC noted the comments stoked worries that an end to the U.S.-Iran war was not in sight and followed earlier swings in oil after mixed statements about further strikes and security in the Strait of Hormuz.

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