Oil Prices Surge Amid Stalled US-Iran Peace Talks
Oil prices rose by about $1 per barrel on Wednesday due to stalled US-Iran peace talks and tightening US fuel markets. The Brent November futures contract settled up 91 cents, or 0.9 percent, at $103.50 a barrel, while the more active December contract was up $1.87, or 1.9 percent, at $98.03.
US West Texas Intermediate crude settled at $90.42, up $1.04, or 1.2 percent. Brent recorded a monthly gain of around 14 percent, its biggest since July, while WTI increased by about 5 percent on the month.
Qatar expressed hope that shuttle diplomacy between Tehran and Washington can lead to a breakthrough. However, US President Donald Trump denied reports that he was willing to give Iran sanctions relief in return for 'concrete' steps by Tehran on its nuclear programme.