December WTI crude oil is up $2.71 today to $99.84 while brent trades at $112.
The market can’t seem to shake off the idea of further escalation before any chance of peace
Republicans are being hammered in the midterms over gasoline prices and an unpopular war but Iran has also dug in and wants concessions before it makes any kind of agreement. Trump yesterday said the US is not negotiating with Iran. “No, I think we’re not negotiating,” he said. Later in the day, he repeated a line he’s said many times before. “It’ll end very soon.
We could leave now, but we want to make sure it lasts for a long time.” Finally, he said something ominous: “We’re gonna have something one way or the other that’ll happen fairly soon. Most people seem to think it’s after the election, and we’re going to see what happens,” he added. Perhaps that’s a hint to Iran making concessions after Republicans are punished at the polls for starting the war?