Oil increases as Trump denies Iran sanctions easing

Oil prices rose after U.S. President Donald Trump denied he was willing to ease sanctions on Iran. Brent futures increased by 1.11% to $103.73 per barrel, while West Texas Intermediate rose by 0.38% to $89.72. Brent is heading toward monthly gains of about 14%, the largest since July, while U.S. crude is expected to see a 4% increase. The market is watching the possibilities of U.S. measures, including restrictions on diesel exports, which could lead to a surplus in the domestic market, as Qatar continues its diplomatic efforts to achieve a breakthrough.

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