Oil futures climbed by as much as 3% within an hour after US President Donald Trump said Washington did not need an agreement with Iran, triggering a sharp move in crude prices amid renewed attention to tensions between the two countries.
West Texas Intermediate (WTI) crude futures rose 2.85% to $87.70, while international benchmark Brent crude gained 3% to $94.40. The price movements were reported by Coin Bureau, which attributed the sudden increase to Trump's latest public remarks on Iran.
Trump Rules Out Need for Agreement With Iran
Trump made the comments in a recent post on Truth Social, where he argued that the United States no longer needed to pursue an agreement with Tehran.
“We don’t need a deal with Iran,” Trump stated, according to the remarks shared by Coin Bureau. He also suggested that the circumstances surrounding previous negotiations had changed significantly.
“Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!” Trump wrote in the same Truth Social post.
The statement represents a direct position from the US president on the prospect of reaching an agreement with Iran. However, the original report did not provide further details about the specific financial claims referenced in Trump's remarks or clarify what he meant by saying the United States had control of the Strait.
WTI and Brent Extend Gains
The immediate market reaction was reflected in gains across both major crude oil benchmarks. WTI futures advanced 2.85% to $87.70, while Brent futures increased 3% to $94.40.
Both benchmarks recorded their gains within the past hour, according to the figures reported by Coin Bureau. The speed of the movement suggests that Trump's comments coincided with a rapid repricing in oil futures, although the available information does not establish whether other market factors contributed to the increase.
WTI serves as a key benchmark for US crude oil prices, while Brent is widely used as an international reference for oil markets. Movements in both contracts are closely watched by traders, energy companies and policymakers because they provide an indication of changing conditions in the global petroleum market.
Iran's position in the broader geopolitical environment also makes statements concerning the country and the Strait particularly relevant to energy-market participants. Nevertheless, the reported figures do not establish a specific supply disruption or quantify any potential impact on global oil production or transportation.
For now, the immediate development is the sharp increase in crude futures following Trump's remarks. WTI was reported at $87.70 after gaining 2.85%, while Brent reached $94.40 after advancing 3% in the past hour.
Writer: Victoria Hale Technology & Blockchain Writer
Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.
She prioritises clarity and accuracy when explaining technical developments to a general audience.
Check out other news and articles on Google News
Disclaimer:
The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
