Oil Prices Rise Following Trump's Remarks on Iran Deal

Oil prices moved higher in Thursday afternoon trading after US President Donald Trump said Washington did not need an agreement with Iran, adding to concerns over persistent geopolitical tensions in the region.

By 18:05 Baghdad time, US West Texas Intermediate (WTI) crude futures for December delivery had gained 0.74% to reach $87.17 per barrel. Meanwhile, Brent crude futures for January delivery rose 1.13% to $93.81 per barrel.

The gains followed Trump's remarks ruling out the need for a deal with Tehran, as he stressed that the era of negotiations with Iran had long since passed.

The statements heightened market concerns over the possibility of continued regional tensions, keeping oil supply security in focus and prompting traders to factor in the risks of potential disruptions to global crude flows.