Trump Rejects Iran Sanctions Relief, Oil Prices Rise
Oil prices rose on Wednesday after US President Donald Trump denied easing sanctions on Iran. The increase follows a previous decline due to improved crude supply from the Middle East.
The Brent futures November contract climbed 71 cents, or 0.69%, to $103.30 a barrel by 0408 GMT. The December contract rose 35 cents to $96.51. US West Texas Intermediate crude gained 43 cents, or 0.48%, to $89.81.
The spread between the two benchmarks this month expanded to its widest in four months as traders watched potential plans by the US to restrict diesel exports. This could create an oversupply in the domestic market and lead US refiners to process less crude.
Qatar said it hopes shuttle diplomacy between Iran and the US can lead to a breakthrough, but Trump denied an Axios report that he was willing to give Iran sanctions relief and release frozen Iranian funds in return for 'concrete' steps by Tehran on its nuclear programme.