Oil prices rise after Trump rejects easing Iran sanctions

Oil prices experienced an upward trend during Wednesday's trading sessions, following statements by US President Donald Trump denying any readiness to ease the sanctions imposed on Iran, concurrently with the continuation of Qatari diplomatic efforts to achieve a long-awaited breakthrough, this shift comes after a previous decline in the preceding session driven by the recovery of supplies coming from the Middle East region. Brent crude futures recorded an increase of 1.14 dollars, equivalent to 1.11 percent, reaching a level of 103.73 dollars per barrel by 01:31 GMT, while US West Texas Intermediate crude advanced by 34 cents, at a rate of 0.38 percent, registering 89.72 dollars. Brent crude is approaching monthly gains estimated at about 14 percent, marking its largest increase since July, whereas the American benchmark heads towards recording a 4 percent rise after surpassing 106 dollars for the first time since May. The spread between the two benchmark crudes also widened this month to become the largest in four months, while traders closely monitor potential US plans to restrict diesel exports, which could lead to a domestic supply glut and prompt US refineries to reduce crude processing. Trump is examining allowing the sale of red-dyed diesel instead of imposing a complete export ban, aiming to alleviate some pricing pressures on consumers with the approach of the midterm elections scheduled for November.