Trump Denies Iran Sanctions Relief, Oil Prices Rise Amid Ongoing Conflict

Oil prices rose on Wednesday after US President Donald Trump rejected reports that Washington was considering sanctions relief for Iran.

Brent crude futures climbed $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.

The gains came a day after oil prices fell as crude flows from the Middle East showed signs of recovering toward pre-war levels.

Trump denied reports that he was willing to provide Iran with sanctions relief and release frozen Iranian funds in exchange for concrete steps on Tehran's nuclear program, saying 'This is untrue. I offered them NOTHING.'

The conflicting signals leave the outlook for the conflict and its impact on oil supplies uncertain.