Oil gains as Trump rejects Iran sanctions easing

Oil prices rose significantly after U.S. President Donald Trump denied any intention to ease sanctions on Iran, which bolstered expectations of rising prices and a recovery in Middle Eastern oil supplies. Brent crude increased by 0.69% to reach $103.30 per barrel, recording a monthly gain of about 14%, the largest since July. West Texas Intermediate (WTI) rose by 0.48% to $89.81, on track for a total increase of around 4%. This comes amid escalating geopolitical tensions and potential restrictions on U.S. diesel exports, alongside ongoing diplomatic negotiations between Iran and the United States. Additionally, Saudi Arabia resumed oil loading operations from the Yanbu port, and Middle Eastern oil exports rose to their highest level since February, as markets continue to monitor developments regarding sanctions and production.

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