Oil jumps more than 4% after Trump says he does not care if talks with Iran collapse

Oil prices surged on Monday after US President Donald Trump told CNBC that he does not care if negotiations with Iran come to an end, raising concerns that Washington and Tehran may fail to reach an agreement to reopen the Strait of Hormuz to shipping traffic.

US West Texas Intermediate crude futures climbed more than 5% to settle at $92.16 per barrel, while global benchmark Brent crude rose more than 4% to close at $95.23 per barrel.

Trump's remarks came in response to a report by Iranian state media claiming that Tehran would suspend talks with the United States in response to Israeli attacks in Lebanon and was planning to completely close the Strait of Hormuz as a retaliatory measure.

Speaking in a phone interview with CNBC correspondent Eamon Javers, Trump said: “I really don’t care. I couldn’t care less. I think they’ve taken far too long. Frankly, I’m starting to think it’s becoming very boring.”

However, oil prices later trimmed some of their gains after Trump said on social media that Israeli Prime Minister Benjamin Netanyahu had agreed not to advance Israeli forces toward the Lebanese capital, Beirut.

Trump also indicated that talks with Iran were “still ongoing and moving at a rapid pace with the Islamic Republic of Iran.”

US crude had jumped more than 8% earlier in the session, but Trump said he was not concerned about rising oil prices.

“I think oil prices are going to come down very sharply in the near future,” he said.

Iran threatens to tighten the blockade

The weekend saw a fresh exchange of strikes between the United States and Iran, while Israel ordered its forces to push deeper into Lebanon, renewing concerns that the fragile ceasefire between Washington and Tehran could collapse.

According to Iran’s semi-official Tasnim News Agency, Tehran is demanding an end to Israeli attacks on Gaza and the withdrawal of Israeli forces from occupied areas in Lebanon before resuming negotiations with the United States.

The report added that Iran intends to fully close the Strait of Hormuz and expand pressure to other strategic routes, including the Bab el-Mandeb Strait, one of the world’s most important trade corridors linking the Red Sea and the Gulf of Aden.

Sharp market volatility

Last week, Brent and WTI crude posted their largest weekly losses since mid-April, falling 11.1% and 9.6%, respectively, amid hopes for progress in US-Iran negotiations.

Despite those losses, oil futures remain more than 30% higher since the US- and Israeli-led war against Iran began on February 28.

Goldman Sachs: Risks remain in both directions

Goldman Sachs said the risks surrounding its oil price outlook for the fourth quarter of 2026 remain “two-sided.”

The bank expects Brent crude to reach $90 per barrel and WTI crude to trade at $83 per barrel, while warning that continued supply disruptions in the Middle East could push prices higher. At the same time, a slowdown in global demand could create significant downward pressure on prices.