Oil Prices Surge as Trump Denies Iran Sanctions Easing
Oil prices rose on Wednesday after US President Donald Trump denied reports that he was willing to ease sanctions on Iran. The price of crude oil $1.14, or 1.11%, to $103.73 a barrel by 0131 GMT, while Brent rose 34 cents, or 0.38%, to $89.72.
The increases put oil on track for significant monthly gains, with Brent set to rise around 14% and WTI looking at a 4% increase after breaching $106 for the first time since May.
The price movement is attributed to several factors, including recovering flows through the Strait of Hormuz and hopes for alternatives to a US diesel export restriction. Qatar has also pushed for peace talks between Iran and the US, with the Qatari Foreign Ministry spokesperson stating that shuttle diplomacy may lead to a breakthrough.