Crude oil climbed to about $89 a barrel on Thursday, extending gains for a second straight session and rebounding from a ten-week low of $86 hit on November 10th. The move higher followed comments by US President Trump, who stated that the United States no longer needs a deal with Iran. His remarks represented a sharp shift from Monday, when he had described the war as “militarily effectively over” after talks with Qatar’s prime minister.
Iran has shown little willingness to soften its stance. Mohsen Rezaee, secretary of Iran’s Supreme National Security Council, said Tehran would not remove any enriched nuclear material from the country.
Despite the diplomatic uncertainty, crude supplies from the Middle East have recovered significantly. Saudi Arabia reported a 26% increase in October output, and Iraq also raised production. However, exports remain reliant on alternative routes, ship-to-ship transfers, and military protection.
