Trump Denies Sanctions Relief for Iran, Oil Prices Rebound

Oil prices rose on Wednesday after US President Donald Trump denied reports that he was willing to ease sanctions on Iran. This decision led to a rebound in Brent crude futures, which rose $1.14 (1.11%) to $103.73 a barrel by 0131 GMT.

The price of US West Texas Intermediate crude also increased, rising 34 cents (0.38%) to $89.72 a barrel.

This comes as Qatar is pushing for peace talks between Iran and the US, with Qatari Foreign Ministry spokesperson Majed al-Ansari stating that the country hopes shuttle diplomacy can lead to a breakthrough.

However, Trump denied reports that he was willing to give Iran sanctions relief in exchange for concrete steps on its nuclear program. 'This is untrue. I offered them NOTHING,' he wrote on Truth Social.