Oil Prices Rise as Trump Rules Out Easing Iran Sanctions

Oil prices rose on Wednesday, with Brent crude trading at $103.13 per barrel and West Texas Intermediate at $89.53, after President Trump ruled out easing sanctions on Iran, a major OPEC producer whose exports have been severely reduced. Prices had dipped earlier in the week on reports that Persian Gulf oil flows have recovered to near pre-war levels, but analysts remain cautious about the sustainability of this recovery, citing ongoing uncertainty over sanctions relief and geopolitical risks that keep a premium embedded in prices. Data from Kpler shows Hormuz flows at 13.2 million barrels daily, or 77% of pre-war levels, though UBS analysts note flows remain below pre-conflict levels, keeping the market undersupplied and prices elevated.