Crude oil futures gain as Trump denies reports of easing Iran sanctions

Crude oil futures experienced an upward trend on Wednesday morning as US President Donald Trump dismissed allegations of plans to ease sanctions on Iran. By 10:03 am on Wednesday, November Brent oil futures were trading at $103.14, marking a 0.54 percent increase, while November crude oil futures on WTI (West Texas Intermediate) reached $89.52, up by 0.16 percent.

October crude oil futures on the Multi Commodity Exchange (MCX) opened at ₹8614, down 0.74 percent from the previous close of ₹8678, while November futures were at ₹8424, also down 0.74 percent from the prior close of ₹8487. In a post on Truth Social, Trump stated, "Axios just released a story that 'Trump' offered Sanctions Relief and Frozen Funds to Iran.

This is untrue. I offered them NOTHING! Axios’ story, like most others, is a HOAX, used only for purposes of satisfying their Trump Derangement Syndrome." Meanwhile, the Qatari Foreign Ministry spokesperson, Majed al-Ansari, informed reporters that Qatar is engaging in negotiations with the US and Iran, expressing their intent to reach an agreement that would prevent the consequences of conflict.

Saudi Arabia reportedly restarted loading operations from the Red Sea port of Yanbu on Tuesday after resuming East-West pipeline operations, which had been damaged by recent attacks from the Houthis. Reports indicated that crude oil exports from West Asian producers rebounded in September, reaching 16.328 million barrels per day.

October natural gas futures on MCX opened at ₹291.30, down 0.82 percent from the previous close of ₹293.70. On the National Commodities and Derivatives Exchange (NCDEX), October guar gum contracts were trading at ₹12947, up 0.26 percent from the prior close of ₹12914, while October dhaniya futures were at ₹14684, down 1.02 percent from the previous close of ₹14836.