Commodities
Brent Crude Surges Past $103 Amid US-Iran Conflict Uncertainty
Oil prices rose on Wednesday as markets reacted to renewed uncertainty over the US-Iran conflict and potential easing of sanctions on Tehran. Brent crude surpassed $103 a barrel, while West Texas Intermediate (WTI) gained 0.11% to $89.48.
The increase in oil prices follows conflicting signals from Washington and Tehran regarding diplomatic progress. US President Donald Trump denied reports that he was prepared to offer Iran sanctions relief and release frozen Iranian funds in exchange for concrete steps on its nuclear program.
Trump rejected the report, stating 'I have offered Iran NOTHING.' The conflicting signals have added uncertainty for oil traders, particularly as the Strait of Hormuz remains heavily disrupted.