Trump says the US no longer needs an Iran deal as tankers burn in Hormuz and oil jumps 3%

President Donald Trump wrote on Truth Social on Thursday that “We don’t need a deal with Iran. Those days have long since passed,” adding that the United States has Iran’s money and “their Strait.” The same day, Iran’s military said four oil tankers were hit by explosions in the Strait of Hormuz after ignoring its warnings. The Revolutionary Guards said two supertankers were disabled on an “unauthorised” route; the army said two more tankers caught fire after hitting naval mines east of the strait, having switched off their radar. No independent confirmation was available, and the tankers were not named. Yemen’s Houthis also claimed attacks on a pumping station of Saudi Arabia’s East-West pipeline, an oil facility in Yanbu and a Saudi Aramco building in Riyadh. Brent crude settled 3.3% higher at $95.82 a barrel and US crude rose 2.6% to $88.74, although both remained lower for the week.

Trump also told Vice President JD Vance to turn his attention to fraud at home. The Wall Street Journal had reported on Wednesday that Vance was weighing face-to-face talks with a senior Iranian security official. The war began with US and Israeli strikes on Iran in late February and is now in its ninth month; Iran still restricts traffic through the strait and the US keeps a naval blockade on Iranian ports. Republicans lost heavily in this month’s midterm elections, and Vance was among those who blamed the war.

Why it matters

This is today’s highest-impact story because the Iran war sets the price of oil, and through it fuel costs and inflation for most of the world. Oil had fallen sharply this month on hopes of a deal; Thursday’s post and the new attacks put that hope in doubt. What is still uncertain: whether Iran’s account of the tanker strikes holds up, whether Vance’s possible talks go ahead, and whether attacks on Gulf shipping and Saudi energy sites keep rising.