Trump wrote on Truth Social that the United States did not need a deal with Iran and that “those days have long since passed.” He also claimed the U.S. had secured Iran’s money and control of the Strait of Hormuz.

The comments contrasted with a report in The Wall Street Journal that Vice President JD Vance was considering direct talks with a senior Iranian security official to help end the war. Trump had empowered Vance to negotiate, the newspaper reported, citing U.S. and Middle Eastern officials and people familiar with the discussions. A face-to-face meeting remained under preliminary consideration.

Barclays analyst Amarpreet Singh said near-term risks to oil prices were skewed higher, with a diplomatic breakthrough still out of reach. Market participants appeared “a bit too sanguine” about the balance of risks, he said. OCBC strategists said expectations of reduced U.S.-Iran escalation after the midterm elections had weighed on crude, along with resilient Gulf exports, lower freight costs and softer physical-market conditions.

Oil also faced pressure from U.S. inventory data. The Energy Information Administration reported an unexpected 4.7 million-barrel rise in crude stockpiles last week, against market expectations for a small draw. Gasoline and diesel inventories increased as well. Ritterbusch & Associates called the report bearish across the market, but said Trump’s post showed how quickly geopolitical risk premiums could return.

Security concerns remain. Saudi state media, citing the Saudi Civil Defense authority, said debris from two intercepted Houthi ballistic missiles fell in the Mecca region the previous day. The International Maritime Organization said Wednesday it had verified more than 130 attacks on commercial vessels in the Strait of Hormuz since the war began on Feb. 28. At least 25 seafarers have been killed, and others are missing or injured, the agency said.

OCBC kept its year-end Brent forecast at $100 a barrel, citing tanker attacks, longer shipping routes and limited vessel availability as factors keeping delivered crude costs elevated. The International Energy Agency’s monthly oil-market report is due Friday.