Oil Prices Rise After Washington Denies Easing Sanctions on Tehran

Oil prices rose on Wednesday after U.S. President Donald Trump denied he was prepared to ease sanctions imposed on Iran, amid ongoing diplomatic moves to end the conflict.

Brent crude futures climbed $1.14, or 1.11%, to $103.73 a barrel, while West Texas Intermediate rose 34 cents, or 0.38%, to $89.72.

Brent is headed for monthly gains of about 14% in September, while West Texas Intermediate is set for a rise of roughly 4%, despite ongoing concerns about fuel supplies and U.S. policy toward diesel exports.

Reuters said crude oil exports from Middle Eastern producers rose in September to 16.328 million barrels per day, the highest level since the start of the U.S.-Israeli war with Iran in late February, as flows through the Strait of Hormuz recovered.

Trump denied a report saying he was prepared to ease sanctions on Iran and release frozen Iranian funds in exchange for steps from Tehran on its nuclear program, while Qatar said it would continue mediation efforts between Washington and Tehran.