Trump Denies Iran Sanctions Relief, Oil Prices Rise

Oil prices rose on Wednesday following US President Donald Trump's denial of reports that Washington was prepared to ease sanctions on Iran. The price increase came after Axios reported that Trump was willing to offer Tehran sanctions relief and release frozen Iranian funds in return for concrete steps by Iran on its nuclear program. However, Trump denied the report on social media, stating it was untrue and that he had offered Iran nothing.

The latest development adds uncertainty over the prospects of sanctions relief and the pace at which Iranian oil could return to global markets. Brent crude futures rose 0.8% to $103.4 a barrel, while US West Texas Intermediate crude gained 0.3% to $89.6.

Qatar continued efforts to broker talks between Washington and Tehran, exchanging messages with both sides and working towards establishing common ground for a deal that could help end the conflict.