Oil Prices Rise as Trump Rules Out Iran Sanctions Relief
Brent reached $103.73 a barrel while West Texas Intermediate stood at $89.72 as Gulf oil flows remained below pre-conflict levels.
Oil prices climbed Wednesday after President Donald Trump rejected sanctions relief for Iran, keeping geopolitical risk elevated as Gulf energy flows remained below pre-conflict levels.
Brent crude traded at $103.73 a barrel and West Texas Intermediate at $89.72 at 9:31 p.m. ET Tuesday (0131 UTC Wednesday). Brent was on track for an approximately 14% gain in September, while WTI was headed for a 4% monthly increase.
Trump wrote Sept. 28 that he had offered Iran “NOTHING,” rejecting the possibility of easing sanctions or releasing frozen Iranian funds in exchange for nuclear concessions.
Oil movement through the Strait of Hormuz had recovered to about 13.2 million barrels per day, equal to 77% of pre-war levels. Middle East oil exports totaled 12.8 million barrels per day in September, below the 18.8 million barrels per day recorded in February.
The figures leave the market focused on whether regional supply can continue recovering while tensions around the strategic waterway remain unresolved.
