Oil Prices Soar as Trump Denies Easing Iran Sanctions

Global oil prices surged on Wednesday, recovering from a decline in the previous session due to improved crude supplies from the Middle East. The increase was fueled by US President Donald Trump's denial of easing sanctions on Iran, despite Qatar's efforts to facilitate peace talks and diplomatic breakthroughs.

The Brent crude futures contract for November rose 71 cents, or 0.69%, to $103.30 per barrel by 04:08 GMT, while the December contract climbed 35 cents to reach $96.51 per barrel. The more actively traded US West Texas Intermediate (WTI) crude increased by 43 cents, or 0.48%, to $89.81 per barrel.

The strong monthly gains for Brent crude are on track for around 14% this month, marking its largest increase since last July. Meanwhile, WTI is set for a 4% monthly rise, having previously surpassed the $106 mark for the first time since May.