Oil Surpasses $103 After Trump Denies Easing Sanctions on Iran

Al-Taj News – Oil prices rose Wednesday after U.S. President Donald Trump denied being prepared to ease sanctions on Iran, while Qatar continued its diplomatic efforts, hoping for a breakthrough, following a decline in prices in the previous session due to the recovery of supplies from the Middle East.

Brent crude futures rose $1.14, or 1.11%, to $103.73 per barrel by 01:31 GMT, while U.S. West Texas Intermediate crude rose 34 cents, or 0.38%, to $89.72.

Brent crude is heading toward a monthly gain of around 14%, its biggest increase since July, while U.S. crude is on track to rise by around 4%, after surpassing $106 for the first time since May.

The spread between the two benchmark crudes also widened this month to its largest level in four months, while traders monitored potential U.S. plans to restrict diesel exports, which could lead to a surplus in the domestic market and prompt U.S. refiners to reduce crude processing.

Trump is considering allowing the sale of red-dyed diesel instead of imposing an export ban, in an effort to ease some of the price pressures on consumers as the November midterm elections approach.