Trump Sanctions Denial Boosts Oil Prices Ahead of Key US Inventory Data

Oil prices rose on Wednesday after US President Donald Trump denied he would be willing to ease sanctions on Iran, while Qatar pushed for peace talks. The Brent futures November contract, which is expiring today, rose 71 cents or 0.69% to $103.30 a barrel.

The more active December contract also gained, rising by 35 cents to $96.51 per barrel. US West Texas Intermediate crude increased by 43 cents or 0.48%, reaching $89.81 per barrel.

According to Sugandha Sachdeva, founder of SS WealthStreet, continued uncertainty over sanctions relief and negotiations is keeping a geopolitical risk premium embedded in prices. Improving supplies could cap further gains, but renewed disruption or an escalation in tensions could trigger another rally.