Trump states renewed Iran strikes unlikely if negotiations yield binding agreement

US President Donald Trump stated that renewed military strikes against Iran are highly unlikely as long as diplomatic negotiations to end the conflict continue to make progress. In a telephone interview, Trump emphasized that further military action would likely only be necessary if a strong, binding agreement is not reached. While Trump had previously suggested that attacks could resume following the US midterm elections, no sign of a large-scale military operation has emerged.

However, Investing.com reports that Trump announced via social media that "Task Force Iron Gate" is in effect to crack down on Iran's trade of sanctioned materials and advanced weapons.

Oil prices saw declines on November 9 following these comments. The Economic Times - Top News reports that Brent crude fell 1.04% to $97.30 a barrel and US West Texas Intermediate declined to $90.29 a barrel. Straits Times Business noted that Brent was at $98.35 and WTI was at $91.30 as of 12:27pm Singapore time. These movements follow a week where Brent fell 16%, its steepest weekly drop since the start of the Covid-19 pandemic.

Geopolitical risks remain a factor as both countries have reported shipping being hit in or near the Strait of Hormuz. According to The Economic Times - Top News, Iran has warned it would retaliate by targeting US and Israeli interests. Investing.com notes that Washington and Tehran have been in a stalemate for nearly nine months.

Brief written by urgent.news from Daily Times, Straits Times Business, The Economic Times - Top News, Investing.com — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.