Even the market scoffs at Trump’s words… Oil rises despite claim that ‘Iran talks will soon be over’

Despite claim that “talks with Iran will soon be over”

Brent surges back to $114 a barrel

US President Donald Trump insisted that “negotiations with Iran will soon be over,” but the market did not buy it. Oil rose, and Asian equities fell.

On the 29th (local time), speaking to reporters aboard Air Force One, Trump said the US was “doing very well” in negotiations with Iran and that “they agree with our plan.” He stressed that Iran had agreed to allow 20 large oil tankers to transit the Strait of Hormuz starting on the 30th.

After previously cheering Trump’s conciliatory gestures, markets moved in the opposite direction on the day. Brent crude futures for May delivery traded at $114.50 a barrel, up 1.7% from the previous session’s $112.57. The KOSPI also slid as much as 5.29% shortly after the open before finishing the session down 2.97%.

The move contrasted with the reaction to Trump’s earlier remarks. On the 23rd, when he said he would delay an attack on Iran by five days, oil plunged as much as 14% intraday. On the 26th, when he said he would extend the grace period to 10 days, it fell 6% intraday. Analysts say markets are beginning to put more weight on hard information—such as troop movements—than on Trump’s words.

Charlie McNamara, head of commodities at US Bank, said, “Oil is edging higher as the market reflects the actual course of the war rather than politicians’ words.”

Hye-in Lee / Jeong-su Hwang, reporters hey@hankyung.com