Trump tensions continue in oil

Weakening diplomacy hopes in oil supported the upward momentum.

Brent crude traded around $96 a barrel after Thursday's 3.3 percent jump.

West Texas Intermediate (WTI) crude oil remained close to the $88 level. Trump's instruction to Vice President J.D. Vance to focus on domestic issues rather than negotiations with Tehran had a cold shower on the ongoing backdoor diplomacy and weakened expectations for a diplomatic solution to the war.

In his message published on the Truth Social platform on Thursday, Trump said, "We do not need a deal with Iran. Those days are long gone. We have their money worth hundreds of billions of dollars and their throats are in our hands!" he said.

After reaching a six-month high at the end of October, global benchmark Brent oil is heading for its second consecutive weekly decline, falling due to the increase in flows from the Middle East and hopes that the victory of the Democrats in the US midterm elections will hasten the end of the Iran conflict.

Despite all these pullbacks, oil futures are still up nearly 60 percent this year.