Oil Prices Rebound as Trump Denies Easing Iran Sanctions
Oil prices rose after US President Donald Trump denied reports that he was willing to ease sanctions on Iran, sparking hopes for peace talks.
The Brent futures November contract climbed by 84 cents or 0.82% to $103.43 a barrel this morning, while the December contract gained 19 cents to $96.35.
US West Texas Intermediate crude rose by 25 cents or 0.28% to $89.63, with Brent poised for its biggest monthly gain since July at around 14% and WTI on track for a 4% rise after breaching $106 for the first time since May.
Saudi Arabia's resumption of oil tanker loadings from its Red Sea port of Yanbu and the recovery in crude oil exports from Middle East producers have contributed to the rebound, with regional exports now just 11% below pre-war levels.