WASHINGTON (dpa-AFX) - Adding to yesterday's gains, crude oil prices have soared on Thursday as concerns of supply disruptions returned to the markets after U.S. President Donald Trump asserted that the U.S. is no longer interested in any deal with Iran.
WTI Crude Oil for December delivery was last seen trading up by $1.96 (or 2.27%) at $88.49 per barrel.
After giving some time for the negotiatory route to end the conflict with Iran, today U.S. President Donald Trump messaged through Truth Social that days of waiting for an agreement with Iran are over, and now the U.S. does not want any deal with Iran.
Trump asserted that the U.S. already has hundreds of billions of dollars of Iran's money and is in control of the Strait of Hormuz.
Trump's message dashed expectations among market participants about a possible early reopening of the Strait of Hormuz.
Earlier this week, Trump toned down his rhetoric against Iran.
On Sunday, Trump remarked that there was no need for renewal of strikes against Iran as long as the attempts by mediators to bring about a U.S.-Iran truce work well.
Later on Wednesday, after meeting with the Prime Minister of Qatar about the gulf crisis, Trump messaged through Truth Social that at the request of gulf leaders, he paused military actions against Iran though he allowed the economic and naval blockade to continue.
Trump remarked that he was seeing positive momentum in the efforts towards ending the war.
The Secretary of Iran's Supreme National Security Council Major General Mohsen Rezaei called the U.S. statements lies that the U.S. fabricated to bring down oil prices. Rezaei denied any meetings between officials of the U.S. and Iran.
Rezaei also asserted that not even a single enriched nuclear particle will move out of Iran.
The Washington Street Journal reported that U.S. Vice President JD Vance might have a face-to-face discussion with Iranian hardliners to resolve the crisis that is in its ninth month.
Hours later, today via Truth Social, Trump asked Vance to concentrate on crime and corruption-related issues inside the U.S.
Today, the navy of Iran's Islamic Revolutionary Guards Corps stated that late Wednesday, two oil supertankers attempting to transit the Strait of Hormuz through (what Iran calls) 'unauthorized route' were disabled by massive explosions after they hit naval mines. According to the IRGC, the vessels ignored warnings by Iran.
In Europe, the two-day talks between Russia and Ukraine, held on November 10-11, promoted by the U.S., concluded in Abu Dhabi without any indication for a peace agreement. However, the dialogue process has not broken down as both sides agreed to hold further meetings in the coming days.
Meanwhile, the overnight exchange of attacks between both the nations continued. While Russia carried out missile and drone strikes on Ukrainian cities, Ukraine targeted Russian oil refineries and other energy infrastructures.
Yesterday, in its monthly report for October, the Organization of Petroleum Exporting Countries stated that along with its allies, the member-nations pumped nearly 41.23 million barrels per day, up by around 2.04 million bpd in September.
Despite the Strait of Hormuz being shut by Iran, gulf oil producers have been using alternate mechanisms to export their output. Specifically, Saudi Arabia ramped up its production and pumped 10.563 million bpd (26% increase) in October.
Citing secondary sources, the report stated that Russia's oil production increased by 0.041 million bpd in October from September, reaching 8.668 million bpd.
OPEC left its forecasts for global oil demand growth unchanged and implemented no changes to its 2027 outlook.
According to the U.S. Energy Information Administration, for the week ending November 6, crude oil inventories increased by 4,657,000 barrels. At Cushing's Oklahoma Delivery Hub, inventories increased by 106,000 barrels.
For the same period, gasoline inventories increased by 1,799,000 barrels, distillate inventories (which include diesel and heating oil) increased by 4,071,000 barrels, and heating oil inventories increased by 335,000 barrels.
The U.S. dollar index was last seen trading at 103.17, up by 0.27 (or 0.26%) today.
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