Trump Downplays Prospect of Iran Talks, Oil Prices Extend Gains

U.S. President Donald Trump has stated that Washington has “no interest” in negotiating with Iran, while threatening to expand military strikes. Against the backdrop of lingering supply risks in the Middle East and the Black Sea region, international oil prices rose for a fourth consecutive session. Brent crude traded near $92 a barrel, while West Texas Intermediate climbed above $85.

Trump vowed that the U.S. would respond forcefully if Yemen’s Houthi rebels—backed by Iran—continue to disrupt Red Sea shipping. He also reiterated that strikes could soon be launched against suspected Iranian nuclear sites, such as the Parchin facility. According to U.S. Central Command, American forces have conducted operations against Iranian targets for the 11th straight day, aiming to degrade Tehran’s ability to threaten commercial shipping through the Strait of Hormuz. The command also stressed that the waterway remains open despite Iran’s provocative actions.

Crude futures have rallied this month as U.S.-Iranian tensions escalate in the region. In recent days, three tankers were attacked in the Gulf of Oman near the Strait of Hormuz. Additionally, repeated strikes on the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast—which handles most of Kazakhstan’s crude exports—have further fueled supply concerns.

On Tuesday, Trump said Iran “desperately wants to meet” but added that the U.S. has “no interest.” Tehran, for its part, has denied seeking dialogue. Oil prices have been volatile, swayed by alternating signals of escalation and de‑escalation.

The Houthi threat to Red Sea shipping is already having tangible effects: some tankers have appeared to halt as they approach Yemeni waters, while others carrying Saudi oil have diverted toward the Suez Canal—though some vessels continue to head into the area. The Red Sea remains a critical export route for Saudi Arabia, allowing the kingdom to reroute some cargo via pipeline and bypass the Strait of Hormuz. Data shows that commercial traffic through the Strait of Hormuz has dropped to its lowest level in three weeks.

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