Oil is trading with relative stability on Friday after surging more than 3% in the previous session, driven by comments from United States President Donald Trump ruling out the need for a deal with Iran. Investors are now less optimistic that near-term supply disruptions in Middle Eastern crude markets will be resolved quickly.

Brent crude, the European benchmark, was up 0.24% at $96.49 per barrel in morning trade, while West Texas Intermediate (WTI), the US reference grade, edged down 0.12% to $88.63 per barrel. TTF natural gas, traded in Amsterdam, rose more than 3% to €95.01 per megawatt-hour.

“We don’t need a deal with Iran,” Trump wrote on social media. “Those days are long gone. We got their money, hundreds of billions of dollars, and we got their strait,” he added, in a reference to the Strait of Hormuz, through which one-fifth of the world’s oil and natural gas consumption passed before the war began.

Although crude flows are close to pre-conflict levels, disruptions persist. At least 36 attacks on commercial vessels were recorded in the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz in October — the highest monthly tally since the United States and Iran went to war in February, according to data cited by Bloomberg.

“The Strait of Hormuz remains a problem due to constant attacks on commercial ships and disruptions to energy infrastructure,” Sid Perkins, chief executive of Snapper Creek Energy, told Bloomberg. “When you combine the risks to the physical supply of oil with the more confrontational tone coming out of Washington, the market has reason to once again price in a risk premium for crude,” he added.

Even so, Brent is on course to close out a second consecutive week of losses after reaching six-month highs at the end of October. The European benchmark has come under pressure following a decisive Democratic victory in the midterm elections — an outcome that analysts expect could increase pressure on Donald Trump to bring the war to an end.