Oil Prices Rise as Trump Denies Easing Iran Sanctions

The price of oil rose again on Wednesday after US President Donald Trump denied reports that he would ease sanctions on Iran. The movement reversed the drop seen in the previous session, putting pressure back on the energy market.

Brent crude rose by 1.11% to $103.73 per barrel, while US West Texas Intermediate (WTI) advanced by 0.38% to $89.72 per barrel, according to data from Reuters.

Trump's denial of easing sanctions puts a damper on market expectations that had driven prices down in the previous session. The expectation was that an agreement between the US and Iran could facilitate a recovery of oil flows from the region.