Key Takeaways
- Brent crude futures rose 1.11% to $103.73 a barrel.
- US West Texas Intermediate crude gained 0.38% to $89.72.
- Qatar hopes for shuttle diplomacy between Iran and the US to lead to a breakthrough.
Oil prices rose on Wednesday after US President Donald Trump denied he would ease sanctions on Iran, reversing a previous decline.
Brent crude futures increased by 1.11% to $103.73 a barrel, while US West Texas Intermediate crude gained 0.38% to $89.72.
The spread between the two benchmarks expanded to its widest in four months, reflecting traders' concerns over potential US restrictions on diesel exports.
Trump denied an Axios report that suggested he was willing to give Iran sanctions relief and release frozen Iranian funds in return for concrete steps on its nuclear programme.
“This is untrue. I offered them NOTHING,” Trump wrote on Truth Social.
Qatar expressed hope that shuttle diplomacy between Iran and the US could lead to a breakthrough, stating, “We are exchanging messages between the parties, and we’re working towards establishing a common ground in order to get into a deal that would save all of us from the repercussions of the conflict,” said Qatari Foreign Ministry spokesperson Majed al-Ansari.
Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline.
Crude oil exports from Middle East producers rebounded in September to 16.328 million barrels per day, the highest since the US-Israeli war with Iran started in late February.
US crude oil and gasoline inventories rose, while distillate stocks fell last week, according to market sources citing data from the American Petroleum Institute.
Crude stocks rose by 1.02 million barrels in the week ended September 25, sources said.
Official inventory data from the US Energy Information Administration is due at 1430 GMT.
This is untrue. I offered them NOTHING.
Donald Trump, US President
We are exchanging messages between the parties, and we’re working towards establishing a common ground in order to get into a deal that would save all of us from the repercussions of the conflict.
Majed al-Ansari, Qatari Foreign Ministry spokesperson
