Oil increases as Trump rejects Iran sanctions relief
Oil prices rose on Wednesday after U.S. President Donald Trump denied being prepared to ease sanctions on Iran, despite diplomatic mediation efforts by Qatar to achieve a breakthrough. Brent crude prices increased by 1.11% to reach $103.73 per barrel, while West Texas Intermediate (WTI) rose by 0.38% to $89.72. It is expected that prices will record monthly gains of nearly 14% for Brent, the largest increase since July, while WTI is headed for a 4% rise. The increase came despite ongoing tensions and potential U.S. measures to restrict diesel exports, which could lead to a surplus in the domestic market. Trump denied having any intention to relax sanctions on Iran in exchange for steps from Tehran regarding its nuclear program, while Qatar continues to seek a diplomatic solution to the crisis.
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