Brent crude prices remained close to $96 per barrel on Friday, following gains in the previous session, as statements by US President Donald Trump weakened expectations of a diplomatic resolution to the conflict with Iran.
Trump said the United States no longer needed an agreement with Iran and instructed Vice President JD Vance to focus on domestic issues rather than negotiations with Tehran.
Iran, meanwhile, continues to demand that Washington lift its naval blockade and sanctions as conditions for beginning direct peace negotiations.
Mohsen Rezaee, secretary of Iran’s Supreme National Security Council, has also stressed that Tehran has no intention of removing its stockpile of enriched nuclear material from the country.
Despite the escalating tensions and uncertainty surrounding diplomatic efforts, oil prices remain on track for a second consecutive weekly decline. The downward trend has been supported by the recovery of oil exports from the Middle East, easing some concerns about global supply disruptions.
Expectations of a potentially faster resolution to the conflict have also been influenced by the Democratic Party’s victories in the US midterm elections, which have added another political dimension to the outlook for relations between Washington and Tehran.
However, Trump’s latest remarks and Iran’s continued demands have raised fresh questions about the prospects for negotiations and the future stability of international energy markets.
