Trump Denies Easing Sanctions on Iran, Oil Prices Skyrocket

Oil prices surged on Wednesday following US President Donald Trump's denial of easing sanctions on Iran. Despite reports suggesting he was willing to lift restrictions in exchange for 'concrete' steps from Tehran, Trump stated on his Truth Social platform that these claims were 'not true.' He added that he had offered them nothing.

The news sent Brent crude futures up by $1.14, or 1.11%, to $103.73 per barrel, while US West Texas Intermediate crude increased by $0.34, or 0.38%, to $89.72.

This rise marks the largest increase for Brent crude since July and puts it on track for a 14% monthly gain. The gap between the two benchmark crudes also widened this month, reaching its largest in four months.