President Donald Trump announced at a campaign rally that he is no longer interested in pursuing a deal with Iran, coinciding with reports that the U.S. military is preparing for possible strikes against the country. This shift in stance comes as Trump faces declining approval ratings, largely attributed to rising living costs driven by high gasoline and diesel prices.
Reports suggest that military operations could resume soon, potentially involving extensive bombing of Iranian energy and nuclear sites, which may influence the upcoming midterm elections. Iranian officials have countered Trump's claims about the negotiations, highlighting inconsistencies in U.S. messaging.
Meanwhile, crude oil prices remain high, despite a recovery in Middle Eastern exports, with Kpler reporting that combined crude volumes from the Gulf, excluding Iran, are nearing pre-war levels of 18.5 million barrels per day.
Analyst Matt Wright indicated that normalization of oil supply may continue without a diplomatic agreement, suggesting that operational adaptations will facilitate recovery amidst ongoing conflict