Oil Prices Rise After Trump Denies Easing Iran Sanctions

Oil prices rose on Wednesday after US President Donald Trump denied he would ease sanctions on Iran. The price increase came despite a previous decline due to a recovery in crude supply from the Middle East.

Brent crude futures rose $1.14, or 1.11%, to $103.73 a barrel by 0131 GMT. US West Texas Intermediate crude increased by 34 cents, or 0.38%, to $89.72.

The spread between the two benchmarks this month expanded to its widest in four months as traders watched potential plans by the US to restrict diesel exports.

Trump denied an Axios report that he was willing to give Iran sanctions relief and release frozen Iranian funds in return for 'concrete' steps by Tehran on its nuclear program.