Mark Kelly on Trump, the Iran War and his 2028 decision

Oil prices appeared poised for a second weekly decline as supply concerns diminished, following remarks from US President Donald Trump suggesting he has no interest in reigniting the Iran war. However, ongoing attacks on vessels in the region keep prices unpredictable. Brent, the benchmark for two-thirds of global oil, slipped 0.24% to $95.59 a barrel, while West Texas Intermediate, the gauge that tracks US crude, fell 0.54% to $88.26 a barrel.

Both Brent and WTI are expected to decline by over 2.5% for the week, after experiencing a 13% drop last week. In a post on Truth Social, Trump stated that he wasn't planning to resume the war with Iran, following his Republican Party's significant midterm election losses. He also mentioned that the US was no longer seeking an agreement with Tehran, as they already possessed hundreds of billions of dollars and control over the Strait of Hormuz, which is crucial for global crude supply.

Despite Trump's signals, attacks continue on ships traversing the Strait of Hormuz, the global chokepoint for two-thirds of crude and liquefied natural gas, putting upward pressure on oil prices due to supply risks. This week, Iran's Islamic Revolutionary Guard Corps reported explosions on two supertankers carrying over four million barrels of oil in the strait.

Additionally, a tanker was hit by a projectile while navigating the Arabian Gulf, resulting in casualties, according to the UK Maritime Trade Operations agency. Moreover, attacks on Saudi energy infrastructure by Yemen's Houthis are also contributing to price volatility. Houthi spokesperson Yahya Saree confirmed that a pumping station on Saudi Arabia's East-West oil pipeline and the Yanbu oil installation on the Red Sea coast were targeted on Thursday.

Saudi Arabia has been exporting most of its crude through the pipeline since the conflict began, due to disruptions in the Strait. Meanwhile, gold saw a rise on Friday, climbing 1% to $3,917.70 per ounce after reaching a more than one-year low the previous day.