Oil climbs above $103 after Trump denies easing sanctions on Iran

Oil prices rose again on Wednesday, after U.S. President Donald Trump denied that he would be willing to ease sanctions on Iran, while Qatar pushed for peace talks to end the crisis, as Al Jazeera reports. The rise followed a falling session, driven by the recovery of crude oil supplies from the Middle East.

Brent futures rose by $1.14, or 1.11 percent, reaching $103.73 a barrel at around 01:30 GMT, according to data published by Al Jazeera. U.S. WTI crude also strengthened by 34 cents, or 0.38 percent, trading at $89.72.

Brent is on track for a monthly gain of about 14 percent — its biggest rise since July — while WTI is aiming for a rise of 4 percent, after earlier breaking the $106 level for the first time since May.

Trump’s denial of an easing of sanctions signals that economic pressure on Tehran will continue, despite Qatar’s diplomatic efforts. The cost of the war continues to be reflected in energy markets, with the Strait of Hormuz still at the center of uncertainty over global supplies.