Trump Denies Iran Sanctions Relief, WTI Crude Prices Surge
WTI crude oil prices rose above $88 as US President Donald Trump denied any plans to ease sanctions on Iran, despite reports of diplomatic progress between the two nations. The news sparked a surge in oil prices, with WTI trading at around $88.30 during early European hours on Wednesday.
Traders are bracing for the release of the Energy Information Administration's (EIA) crude oil stockpiles report later this week, which is expected to provide insight into US oil inventories. The EIA reported that US crude oil inventories rose last week by 1.019 million barrels, compared to a rise of 1.786 million barrels in the previous week.
Despite the recent increase in prices, analysts at ING warn that oil prices remain vulnerable to supply disruptions and geopolitical tensions. ING notes that Brent has declined for six consecutive sessions, its longest losing streak since August 2025, with cumulative losses of more than 9.5%.