Commodities
Trump's Iran Sanctions Rejection Sends Oil Prices Soaring
US President Donald Trump has rejected the possibility of lifting sanctions on Iran, causing oil prices to surge in the international market. The rejection led to an increase in crude oil supply from Middle Eastern countries, resulting in higher oil prices.
The price of Brent crude rose by $1.14, or 1.11 percent, to $103.73 per barrel by 01:30 GMT on Wednesday. US West Texas Intermediate (WTI) crude also increased by 34 cents, or 0.38 percent, to $89.72 per barrel.
This marks the first time WTI has crossed the $106 mark since May and is poised to increase by 4 percent this month. Brent crude is on track for a monthly rise of approximately 14 percent, its highest increase since last July.