Trump Denies Sanctions Relief for Iran as Oil Prices Rise

Oil prices rose on Wednesday after US President Donald Trump denied reports that he was willing to ease sanctions on Iran, a move that could have led to increased oil exports from the country.

The Brent crude futures price climbed $1.14 or 1.11% to $103.73 a barrel by 0131 GMT, while US West Texas Intermediate (WTI) crude rose 34 cents or 0.38% to $89.72.

Qatar expressed optimism for peace talks between the US and Iran, with Qatari Foreign Ministry spokesperson Majed al-Ansari stating that shuttle diplomacy could lead to a breakthrough.

Trump denied reports of his willingness to give sanctions relief to Iran in exchange for steps on its nuclear program, calling the Axios report 'untrue.'