Trump Denies Easing Iran Sanctions as Crude Oil Prices Rise

US President Donald Trump has denied reports that he planned to ease sanctions on Iran. The denial came in a post on Truth Social, where Trump said Axios' story about offering sanctions relief and frozen funds was 'untrue' and a 'HOAX'. He added that he offered Iran 'nothing'.

The Brent oil futures price rose by 0.54% to $103.14 per barrel after Trump's denial, while WTI crude oil futures on the West Texas Intermediate index increased by 0.16% to $89.52 per barrel. In India, October crude oil futures traded at ₹8614 on Multi Commodity Exchange (MCX), down 0.74%, and November futures were trading at ₹8424, also down 0.74%.

Qatari Foreign Ministry spokesperson Majed al-Ansari said Qatar is exchanging messages between the US and Iran to establish a common ground for a deal that would save all parties from the repercussions of the conflict.