Oil Price Today (November 13): Brent crude climbs above $95 after fresh Middle East attacks; Trump says no need for deal

Oil prices jumped back above $95 per barrel on Friday after US President Donald Trump said his country does not need a deal with Iran, triggering new worries around prolonged conflict in the oil-rich Middle East and further disruptions to shipments.

The latest rise in oil prices began late on Thursday after attacks on Saudi energy infrastructure escalated and shipping disruptions through the Strait of Hormuz threatened global oil flows. Brent crude futures jumped over $95 per barrel, while US West Texas Intermediate (WTI) crude futures rose above $88 per barrel on Friday morning.

Yemen’s Iran-aligned Houthis claimed they attacked a pumping station on the Saudi East-West oil pipeline; an oil facility in the Saudi Red Sea city of Yanbu, and an Aramco building ⁠in the capital Riyadh. Subsequently, the Saudi-led military coalition fighting the Houthis said it intercepted and destroyed two drones launched by the group, one in the Riyadh region and another in the kingdom’s oil-rich Eastern Province.

Iran’s military said four oil tankers were hit by explosions in the Strait of Hormuz after ignoring warnings. Attacks on ship in the Middle East have reportedly increased in recent weeks.

Meanwhile, US President Donald Trump said he wanted Vice President JD Vance to focus “his complete and total attention” on any crime and corruption in Democratic-run US cities, saying that effort could save more money than a deal with Iran. “We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!” he wrote in a post on Truth Social.

Also read | Trump says Vance should focus on domestic corruption, ‘we don’t need a deal with Iran’

Where are oil prices heading for?

While oil prices have dropped from their multi decade highs which they hit earlier this year, analysts remain cautious amid the seesaw political game in the Middle East. Goldman Sachs recently raised its oil price forecasts, citing increasing risks to global supplies. The investment bank warned that Brent crude could climb to $140 per barrel in 2027 if oil production across the Gulf region remains significantly below its 2025 average.Goldman Sachs recently raised its oil price forecasts, citing increasing risks to global supplies. The investment bank warned that Brent crude could climb to $140 per barrel in 2027 if oil production across the Gulf region remains significantly below its 2025 average.

In an upside scenario, Brent crude could reach $140 per barrel and average around $130 in 2027 if Gulf oil production remains 3.5 million barrels per day below its 2025 average, Reuters reported, citing Goldman Sachs’ projections.

JPMorgan analysts also highlighted the uncertainty surrounding the conflict, saying it remained difficult to predict how the war would unfold. At the outset, the bank had expected the US administration to avoid crossing certain economic thresholds. However, seven months into the conflict, several of those thresholds have been breached, while a clear strategy to bring the war to an end has yet to emerge.

Also read | US returns over $12 billion in oil proceeds to Venezuela since Maduro’s ouster, report says

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.