Trump Denies Iran Sanctions Relief as Oil Prices Rise

Oil prices rose on Wednesday after US President Donald Trump denied that he was prepared to ease sanctions on Iran, while Qatar continued diplomatic efforts aimed at reaching a breakthrough.

The price of Brent crude futures increased by $1.14, or 1.11%, to $103.73 a barrel, while US West Texas Intermediate crude gained 34 cents, or 0.38%, to $89.72 a barrel.

Trump's denial came after reports emerged that he was considering easing sanctions on Iran in exchange for 'concrete' steps by Tehran regarding its nuclear program. However, Trump wrote on his Truth Social platform, 'This is not true. I offered them nothing.'

The spread between Brent and US crude widened this month to its largest level in four months, as traders monitored possible US plans to restrict diesel exports.