Oil climbs after Trump denies he is willing to ease sanctions on Iran

Oil prices climbed on Wednesday after US President Donald Trump denied he would ease sanctions on Iran, while Qatar pushed for peace talks. Brent crude futures rose by $1.14, or 1.11%, to $103.73 a barrel, while US West Texas Intermediate crude increased by 34 cents, or 0.38%, to $89.72. The Brent-WTI spread expanded to its widest in four months, with traders watching potential plans by the US to restrict diesel exports.

Qatar hopes that shuttle diplomacy between Iran and the US can lead to a breakthrough, but Trump denied reports that he was willing to give sanctions relief in exchange for concrete steps by Tehran on its nuclear program.

Brief written by urgent.news from Channel News Asia's own syndicated text. Machine-written — may contain errors; check the original before relying on it.