Oil Prices Surge as Trump Rejects Iran Peace Deal

Crude oil prices increased on November 13, 2026, as markets reacted to a hardening U.S. stance toward Iran and reports of maritime instability. Brent crude settled 3.3% higher at $95.82 a barrel, and WTI rose 2.6% to $88.74, reflecting a renewed geopolitical risk premium.

Donald Trump drove the market shift after posting on Truth Social that the United States does not need a peace deal with Iran. He claimed the U.S. maintains control over Iranian funds and the strait, stating, "We've got their money, Hundreds of Billions of Dollars, and we've got their Strait!"

This rhetoric coincided with a refusal from Mohsen Rezaee, Secretary of the Supreme National Security Council, to remove enriched nuclear material from Iran. Tensions escalated further following reports of explosions affecting two oil supertankers in the Strait of Hormuz.

The price surge occurred despite bearish data from the Energy Information Administration, which recorded a 4.7 million barrel increase in U.S. crude stockpiles, the largest jump since early August. Additionally, Saudi Arabia reported a 26% increase in oil production for October.