Trump Rejects Sanctions Relief for Iran Amid Ongoing Conflict
Oil prices rose on September 30 after US President Donald Trump rejected reports that he was prepared to ease sanctions on Iran. Trump denied an Axios report citing US officials who said he was willing to provide Iran with sanctions relief and release frozen Iranian funds in exchange for 'concrete' steps from Tehran on its nuclear programme.
Crude oil price on September 30 saw Brent crude futures rise $1.14, or 1.11%, to $103.73, while US West Texas Intermediate crude gained 15 cents, or 0.30%, to $89.50 a barrel. This comes after prices had fallen in the previous session as crude supply from the Middle East showed signs of recovery.
Qatar said it hoped shuttle diplomacy between Iran and the US could produce a breakthrough, with Qatari Foreign Ministry spokesperson Majed al-Ansari stating '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.'
Goldman Sachs has outlined a scenario in which oil prices could reach as high as $120 a barrel if attacks on vessels in the Middle East intensify. If exports return to normal, the bank expects oil prices to move back towards $80 a barrel.