Brent Crude Edges Up as Trump Rejects Iran Sanctions Relief

Oil prices rebounded slightly on Wednesday as Brent crude rose 0.52% to $103.1 per barrel, while West Texas Intermediate (WTI) gained 1.20% to $90.45.

The modest increase comes after a decline on Tuesday, following Monday's sharp rally. Markets reacted to U.S. President Donald Trump's rejection of reports that he was prepared to ease sanctions on Iran or release frozen funds in exchange for concrete steps on Tehran's nuclear programme. Trump stated on Truth Social that such claims were 'untrue' and that he had offered Iran nothing.

The denial reinforced the ongoing stalemate in Qatari-mediated indirect talks aimed at reopening the Strait of Hormuz and ending the conflict. Trump had previously rejected Iran's conditional seven-day proposal to reopen the waterway and restart nuclear negotiations.