Oil prices rose early Wednesday after US President Donald Trump denied reports that he had offered to ease sanctions on Iran in exchange for concessions from Tehran over its nuclear program.
In a post on Truth Social, the president denied an Axios report that said he would ease sanctions on Iran and release frozen Iranian funds in exchange for “concrete steps” towards its nuclear program.
“This is not true. I gave them nothing!” Trump wrote, dismissing the Axios story as a “hoax.”
brent crude oilThe dollar, a benchmark for international prices, was trading at $103.09 per barrel as of 2 a.m. Eastern time, up 0.49%. us West Texas Intermediate Futures It rose 0.18% to $89.53 per barrel.
Brent crude oil.
The rise in oil prices comes as Qatar continues its efforts to broker a permanent peace agreement between the US and Iranian governments.
Iranian Foreign Minister Abbas Arakchi met with Qatari mediators in Doha late Tuesday to receive U.S. feedback on the Islamic Republic’s seven-day plan to reopen the Strait of Hormuz. Arakchi will discuss the response in Tehran on Wednesday.
WTI.
Qatari Foreign Ministry Spokesperson Majid Al-Ansari said that Qatar continues to exchange messages between the two countries.
“We are working towards establishing common ground to reach an agreement that saves us all from the effects of conflict,” he told reporters.
