Oil prices were little changed on Friday after President Trump indicated the United States would not strike Iran before the November midterm elections, according to reports from WSJ, CNBC and Reuters.
The comments eased concerns about a supply disruption, and crude futures gave back some of their earlier gains, WSJ reported. CNBC said the remarks on Iran talks calmed supply worries, leaving oil trading roughly flat.
Reuters reported that Trump said the US will not attack Iran before the midterms. Al Jazeera framed the same remarks as a possible signal about the direction of policy toward Iran after the vote.
The reporting points to a market reacting to political signals rather than to any change in supply itself. With no strike expected in the near term, the risk premium tied to a potential conflict appears to have softened, which WSJ linked to futures returning part of their earlier advance.
Attention now turns to whether the comments hold and how oil trades once the midterm elections pass.
