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

Oil prices rose on Wednesday after US President Donald Trump denied he would be willing to ease sanctions on Iran, while Qatar pushed for peace talks. Brent futures November contract, which is expiring on Wednesday, rose 71 cents, or 0.69%, to $103.30 a barrel, while the more active December contract rose 35 cents to $96.51. US West Texas Intermediate crude gained 43 cents, or 0.48%, to $89.81.

Analysts noted that continued uncertainty over sanctions relief and negotiations is keeping a geopolitical risk premium embedded in prices, but improving supplies could cap further gains, while renewed disruption or an escalation in tensions could trigger another rally.

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