Trump Denial Sends Oil Prices Higher Amid Ongoing Iran Sanctions Talks

Oil prices rose on Wednesday after US President Donald Trump denied reports that Washington was prepared to ease sanctions on Iran.

The Brent November futures contract, which expires today, gained 71 cents or 0.69% to $103.30 a barrel. The more active December contract increased by 35 cents to $96.51.

US West Texas Intermediate crude rose by 43 cents or 0.48% to $89.81 a barrel, with Brent on track for its strongest monthly gain since July and WTI heading for a roughly 4% rise after briefly exceeding $106 a barrel in May.

The spread between the two benchmarks widened to its highest level in four months due to potential US restrictions on diesel exports, which could increase domestic supplies and encourage US refiners to reduce crude processing.