The key facts

  • On November 12, Trump said the US no longer needs a deal with Iran, calling Iranian money and the Strait of Hormuz

Trump's statement

US President Donald Trump stated on November 12 that Washington no longer needs an agreement with Iran.His post was quoted by Kun.uz, Anadolu and The National). Trump also claims that the US has gained control over Iran's financial assets —

Shift in course and the assignment to Vance

In the same post, Trump said he had instructed Vice President JD Vance, who had previously handled the Iranian dossier, to fully switch to what the president called

U-turn after the elections

As The National notes, these comments mark a reversal compared with recent weeks, when Trump repeatedly said the war would end after the midterm elections and that a deal with Iran remained possible. On November 3, the Republican Party lost its majority in Congress to the Democrats. As recently as Tuesday, November 10, Trump had called a resumption of military action against Iran

Energy market reaction

The statement affected the markets: according to Anadolu, European gas rose 6.7% to €92.50 ($102.20) per megawatt-hour by 16:45 GMT, Brent crude gained 1.1% to $93.80 per barrel, and WTI rose 0.55% to $87 per barrel, although both grades of oil remained down for the week (4.9% and 4.5% respectively). The outlet also notes that the price rise erased an earlier decline that occurred after Saudi Arabia increased production to nearly pre-war levels. Trump had previously claimed that fuel prices would fall after the conflict with Iran ended.