Oil prices moved higher early Wednesday after U.S. President Donald Trump denied reports that he had offered sanctions relief to Iran in exchange for concessions from Tehran on its nuclear program.
The president in a Truth Social post dismissed an Axios report that indicated he was willing to give Tehran sanctions relief and release frozen Iranian funds in return for "concrete steps" on its nuclear program. "This is untrue.
I offered them NOTHING!," Trump wrote, dismissing the Axios story, as a "HOAX." Brent crude, the international price benchmark, was trading at $103.09 per barrel at 2:00 a.m. E.T., a 0.49% rise. U.S. West Texas Intermediate futures were up 0.18% at $89.53 a barrel. @LCO.1 5D mountain Brent crude.
The increase in oil prices comes as Qatar continues its push to broker a lasting peace settlement between Washington and Tehran. Iran's foreign minister Abbas Araqchi met with Qatari mediators in Doha late Tuesday, where he received U.S. feedback on the Islamic Republic's seven-day plan to reopen the Strait of Hormuz. Araqchi will discuss the response in Tehran on Wednesday. @CL.1 5D mountain WTI.
Qatari foreign ministry spokesperson Majed al-Ansari said the country continues to exchange messages between the two parties. "We're working towards establishing a common ground in order to get into a deal that would save all of us from the repercussions of the conflict," he told reporters