Oil Prices Surge as Trump Stokes Iran War Fears
Global oil markets surged on Thursday, November 12–13, 2026, after remarks from U.S. President Donald Trump renewed fears that the conflict between the U.S. and Iran has no diplomatic resolution in sight. Trump said the U.S. no longer needs a deal with Iran, adding, “We’ve got their Strait,” signaling a continued hardline stance toward Tehran and rattling energy markets worldwide.
On November 12, Brent crude rose to $96 per barrel, up 3.49% from the previous session, while WTI crude climbed to approximately $88 per barrel, up around 1.9%.
The gains were driven by growing concerns about supply disruptions in the Strait of Hormuz and potential threats to Saudi energy infrastructure. However, Saudi Arabia reported a 26% surge in October oil production, bringing output to one of its highest monthly levels in years and partially limiting further price increases.
Meanwhile, senior Iranian official Mohsen Rezaee reinforced Tehran’s hardline position, ruling out the removal of enriched nuclear material from the country. Analysts warn that if disruptions in the Middle East persist, oil could trade between $90 and $110 per barrel. Extreme geopolitical scenarios could push prices even higher, adding to inflationary pressures and weighing on global markets as 2026 draws to a close.
Sources:
CNBC |
Trading Economics