After Trump's statement that 'an agreement with Iran is unnecessary': dollar and oil rise

The dollar strengthened to 3.20 shekels, the euro to 3.54, and Brent crude rose 1.6% to $94.2 per barrel after Trump stated that the US 'no longer needs an agreement with Iran.' Trump also instructed Vice President Vance to halt negotiations with the Iranians.

The dollar strengthened on November 12 against the shekel, trading at approximately 3.20 shekels, three agorot above the previous day's official rate. The euro also rose, reaching 3.54 shekels. Global oil prices increased simultaneously. The cause was a new statement by US President Donald Trump, who declared that his country 'no longer needs an agreement with Iran.' On his social media platform Truth Social, Trump wrote: 'We don't need a deal with Iran. Those times are long gone. We have their money - hundreds of billions of dollars, and we have their strait!' By 'strait' the president meant the Strait of Hormuz. In the same post, Trump ordered Vice President JD Vance to focus entirely on fighting corruption and crime in American cities and states run by Democrats, and to cease negotiations with the Iranians. The statement came a day after a Wall Street Journal report that Vance had considered holding direct talks with a senior Iranian security official. Amid hopes for diplomatic progress, oil had fallen by more than a dollar per barrel in Asian trading. However, after Trump's statement, the situation reversed sharply. Brent crude futures jumped 1.6% to $94.2 per barrel. US WTI crude rose 1.3% to $87.6 per barrel. The president's statement came just over a week after the Republican Party's heavy defeat in the US midterm elections.