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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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