Brent crude moves above $103

Global oil prices rose on Wednesday after US President Donald Trump denied reports that Washington was prepared to ease sanctions on Iran. Brent crude futures gained $1.14, or 1.11%, to reach $103.73 per barrel, while US West Texas Intermediate (WTI) crude rose 34 cents, or 0.38%, to $89.72.

The latest increase came after oil prices had declined in the previous session as signs emerged that crude supplies from the Middle East were recovering. However, uncertainty surrounding US-Iran relations continued to influence market sentiment and supported higher prices.

Trump statement puts oil market on alert

Trump rejected reports that he was willing to provide Iran with sanctions relief in exchange for steps related to its nuclear programme. Qatar, meanwhile, said it was continuing diplomatic efforts to help bring the United States and Iran closer to an agreement.

Brent crude is now on track for a monthly increase of around 14%, which would mark its strongest monthly rise since July. WTI is also expected to post a monthly gain of about 4%, according to market reports.

Analysts and traders are closely monitoring developments involving Iran, Middle East oil supplies and the Strait of Hormuz, as any disruption could affect global crude markets.