BREAKING: PRESIDENT TRUMP SAYS UNITED STATES DOESN'T NEED A DEAL WITH IRAN ANYMORE pic.twitter.com/UzRmgu4jHL
— Insider Paper (@TheInsiderPaper) November 12, 2026
Trump says the United States already has control of Iran’s money and the Strait of Hormuz, so there is no need for a deal. Meanwhile, Iran says four tankers were hit by explosions in the strait over Wednesday and Thursday. Reuters could not independently verify Iran’s claim that the vessels struck mines. Separately, Britain’s maritime monitoring agency reported a vessel hit by an unidentified projectile, with its engine room catching fire. At least 37 ships were attacked in October, followed by another 10 in the first 10 days of November, according to data cited by the Washington Institute. The traffic may be moving again, but the shipping risk hasn’t disappeared.
There is a political fight developing behind the oil story. JD Vance had been involved in efforts to negotiate an end to the war, then publicly questioned its costs after Republicans lost the midterms. Trump is now telling him to focus on alleged corruption in Democratic-run cities instead. The incoming Democratic Congress wants to use budget negotiations and oversight to pressure the administration to end the conflict. A Reuters/Ipsos poll found 71% of Americans support legislation to end the war, including 51% of Republicans. Meanwhile, October CPI rose 0.4%, above the 0.3% forecast, and core inflation rose 0.3%. Oil and tariffs are both contributing to the price pressure. Treasury yields have returned to 5%, and traders now see a 90% chance of a December Fed hike. The administration can declare victory, but it still has to deal with the bill.
https://www.reuters.com/world/us/can-new-us-congress-mean-an-end-iran-war-2026-11-12/
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