Oil rises as Trump denies plans to ease sanctions on Iran

Oil drilling rigs

Oil prices settled higher on Wednesday, posting sharp monthly and quarterly gains as US-Iran talks stalled and tightening US fuel inventories supported prices, despite improved crude flows from the Middle East.

 

Hopes for a breakthrough in Middle East tensions faded after US President Donald Trump denied reports that Washington was prepared to ease sanctions and release frozen Iranian funds in exchange for Tehran taking “concrete” steps on its nuclear program.

 

Goldman Sachs estimated Middle East oil exports at 23.3 million bpd last week, broadly in line with the 2025 average.

 

Tighter US fuel inventories also supported prices despite an increase in crude stocks. Energy Information Administration data showed gasoline inventories fell by 1.7 million barrels last week, while distillate stocks declined by 2.3 million barrels.

 

Meanwhile, the Brent-WTI spread widened to a four-month high as traders monitored potential US measures to curb diesel exports. Such restrictions could increase domestic supply and prompt refiners to reduce crude processing.

 

Futures Contract Prices:

Crude

Price ($/bbl)

Change ($)

Change (%)

Monthly Performance

Quarterly Performance

YTD

Brent (November)

103.53

0.94

+0.92%

+14.41%

+41.97%

+70.14%

WTI (November)

90.42

1.04

+1.16%

+5.43%

+30%

+57.47%

*Settlement on Sept. 30.

* The November Brent contract expired at Wednesday’s settlement.

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