Trump Denies Sanctions Relief for Iran, Oil Prices Rise

Oil prices rose on Wednesday after US President Donald Trump denied he would ease sanctions on Iran. This led to an increase in Brent crude futures by $1.14, or 1.11%, to $103.73 a barrel, while West Texas Intermediate crude rose by 34 cents, or 0.38%, to $89.72.

The price hike comes as Trump considered allowing sales of red-dyed diesel instead of an export ban, which could create an oversupply in the domestic market and lead US refiners to process less crude. This move is seen as a way to offer some price relief to consumers ahead of the November mid-term elections.

Qatar also expressed hope for shuttle diplomacy between Iran and the US, with Qatari Foreign Ministry spokesperson Majed al-Ansari saying they are working towards establishing a common ground in order to get into a deal that would save all parties from the repercussions of the conflict.