Trump rules out Iran deal as Brent crude tops $101

President Trump stated the United States is not seeking a deal with Iran and that oil prices will not fall until right after U.S. midterm elections. He added that prices would then be “tumbling downward.” Brent crude extended gains above $101 per barrel following the remarks, per TheKobeissiLetter.

Key statements

- U.S. is not pursuing an Iran deal.
- Oil prices to remain elevated until immediately after midterms.
- Expectation: prices will tumble downward post-midterms.

Market reaction

- Brent crude rose above $101 per barrel and extended gains on the news.

Implications

- Near-term higher oil prices: increased inflation pressure and tighter financial conditions.
- Risk assets, including crypto: potential headwinds until a post-midterm decline in oil materializes.