Oil prices climb after Trump denies Iran sanctions relief reports

Oil prices rose Wednesday after President Donald Trump denied reports that Washington was considering easing sanctions on Iran. Brent futures gained $1.14, or 1.11%, to $103.73 per barrel, while West Texas Intermediate (WTI) rose 34 cents to $89.72. The gains followed a decline the previous day as Middle East crude flows showed signs of returning to pre-war levels. Trump rejected an Axios report claiming he was ready to offer sanctions relief and release frozen Iranian funds in exchange for nuclear program concessions, stating "That's not true. I offered them NOTHING" on Truth Social. Qatar said it continues shuttle diplomacy between the parties. Middle East oil exports reached 16.328 million barrels per day in September, the highest since the US-Israeli war with Iran began in late February. JPMorgan estimated crude shipments at 98% of pre-war levels, while Goldman Sachs said the global market was roughly balanced in September. The Brent-WTI spread widened to a four-month high, with traders monitoring potential US diesel export restrictions.