President Donald Trump declared on Truth Social Thursday that the U.S. no longer needs a deal with Iran and directed Vice President JD Vance to focus his “complete and total attention” on alleged corruption and crime in Democratic-run states, naming Minnesota, California and Illinois. Asserting that Washington already holds “Hundreds of Billions of Dollars” in Iranian funds and controls the Strait of Hormuz, Trump added that “those days have long since passed.”
Oil futures erased earlier losses on the remarks, jumping more than $2 a barrel as Brent crude climbed up to 3% to $94.40 and West Texas Intermediate rose 2.85% to $87.70. Meanwhile, the Stoxx Europe 600 gave up its gains and the S&P 500 fell toward 7,565.
The directive came a day after the Wall Street Journal reported that Trump had authorized Vance to lead Iran negotiations and that Vance was weighing direct talks, possibly in Doha, with Iranian Supreme National Security Council Secretary Mohsen Rezaei. Earlier Wednesday, Rezaei told Al Mayadeen that reports of talks in Qatar or a meeting with Vance were “lies and fabrication intended to ease economic pressure and lower oil prices,” adding that Tehran had rejected Washington’s initial response to its seven preconditions for talks.