Commodities
Trump Denies Sanctions Easing, Oil Prices Rise
Oil prices rose on Wednesday after US President Donald Trump denied he would be willing to ease sanctions on Iran, following a previous decline due to a recovery in crude supply from the Middle East.
The Brent futures November contract increased by 71 cents, or 0.69%, to $103.30 per barrel, while the December contract rose 35 cents to $96.51. US West Texas Intermediate crude gained 43 cents, or 0.48%, to $89.81.
Brent is headed for a monthly gain of around 14% and WTI is on track for a 4% rise after having breached $106 for the first time since May.
However, 'continued uncertainty over sanctions relief and negotiations' is keeping a geopolitical risk premium embedded in prices, according to Sugandha Sachdeva, founder of SS WealthStreet.