Brent Crude Surges Above $103 as Trump Denies Iran Sanctions Relief
The Brent crude oil price has risen above $103 per barrel on September 30, as markets react to uncertainty over US-Iran relations and potential sanctions relief. The November Brent futures contract increased by 0.69% to $103.30 a barrel, while the December contract gained 35 cents to $96.51 a barrel.
US West Texas Intermediate (WTI) crude also advanced, rising 0.48% to $89.81 a barrel, with Reuters reporting that WTI is on track for a monthly gain of around 4% in September.
The uncertainty surrounding possible sanctions relief and ongoing negotiations has kept a geopolitical risk premium in oil prices, according to Reuters. US President Donald Trump denied reports that he was prepared to ease sanctions on Iran in exchange for steps related to Tehran's nuclear program.