Oil climbs as Trump denies easing Iran sanctions

Oil prices rose Wednesday after President Donald Trump denied reports he was willing to ease sanctions on Iran, reversing earlier declines tied to recovering Middle East supply. Brent crude climbed 1.11% to $103.73 a barrel, while West Texas Intermediate gained 0.38% to $89.72. The price rebound followed Trump's rejection of an Axios report claiming he offered Iran sanctions relief and frozen funds for nuclear steps, with Trump stating on Truth Social, "I offered them NOTHING." This came as Qatar pursued shuttle diplomacy between the parties, and after Saudi Arabia resumed loadings from Yanbu port. Brent is heading for a monthly gain of about 14%, its largest since July, while the Brent-WTI spread widened to a four-month high. Traders are also watching potential US diesel export restrictions, with Trump considering allowing red-dyed diesel sales instead of an outright ban ahead of November midterm elections.