Oil increases as Trump rules out Iran sanctions relief
Oil prices rose after U.S. President Donald Trump denied being ready to ease sanctions on Iran. Brent crude futures increased by 1.11% to $103.73 per barrel, and West Texas Intermediate (WTI) crude rose by 0.38% to $89.72. Expectations point to Brent achieving nearly a 14% monthly gain, the largest since July, while U.S. crude has risen by 4%. These increases come amid stable flow of traffic through the Strait of Hormuz, no significant Iranian escalation, and diplomatic mediation efforts by Qatar between Iran and the United States. Trump also denied reports suggesting he was willing to launch initiatives to reduce pressure on Iran in exchange for nuclear steps, amid improved Middle Eastern oil exports and the reopening of a Saudi pipeline.
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