Trump Rejection Sends Oil Prices Soaring Above $103 Per Barrel
Oil prices have surpassed $103 per barrel as uncertainty over the US stance towards Iran returns to the spotlight. The price of Brent crude rose by 0.56% to $103.20, while WTI crude gained 0.11% to $89.48. This comes after US President Donald Trump rejected a report that Washington was prepared to ease sanctions on Tehran.
The Strait of Hormuz remains choked for the seventh month, continuing to drive up oil prices. Brent is set to gain around 14% in September, its biggest monthly increase since July. WTI is headed for a rise of about 4% after crossing $106 for the first time since May.
Qatar's foreign ministry spokesperson Majed al-Ansari said that the country hopes its shuttle diplomacy between Iran and the US can help the two sides reach a breakthrough. 'We are exchanging messages between the parties, and we're working towards establishing a common ground in order to get into a deal that would save all of us from the repercussions of the conflict,' he stated.
The recovery in regional oil flows has also emerged as a key factor for the market. Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu on Tuesday after restarting operations on the East-West Pipeline.