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Crude oil prices hovered near $89 per barrel on Friday, extending gains from the previous session, after President Donald Trump declared that the United States no longer needs a deal with Iran, dampening hopes for a diplomatic end to the conflict. Trump also instructed Vice President JD Vance to focus on domestic priorities rather than pursuing negotiations with Tehran.
Iran, for its part, reiterated that Washington must first lift its naval blockade and sanctions before any direct peace talks can begin. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, further stressed that Tehran has no intention of removing its stockpiles of enriched nuclear material from the country.
Despite these developments, crude remains on track for a second consecutive weekly decline, as Middle Eastern exports continue to recover. Hopes for a swifter resolution to the conflict have also been buoyed by a Democratic victory in the US midterm elections.
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