Trump Rejects Sanctions Relief, Oil Prices Rise Amid Middle East Tensions
Oil prices rose on Wednesday after US President Donald Trump denied reports that he was willing to grant sanctions relief to Iran. This move came as Qatar pushed for peace talks between the United States and Iran, according to Reuters.
The Brent crude futures price for November delivery rose by 71 cents, or 0.69%, to $103.30 a barrel at 4:08 AM GMT. The more active December Brent contract rose 35 cents to $96.51 a barrel. Meanwhile, West Texas Intermediate (WTI) crude rose 43 cents, or 0.48%, to $89.81 a barrel.
The spread between Brent and WTI has widened to its highest level in four months. Markets are watching the possibility that the United States could restrict diesel exports, potentially increasing supplies in the domestic market and prompting US refiners to reduce crude oil processing.