Crude oil futures traded higher on Wednesday morning after US President Donald Trump denied reports that he planned to ease sanctions on Iran. November Brent oil futures reached $103.43, up 0.82 per cent. Trump said, "I offered them NOTHING!" Meanwhile, Saudi Arabia restarted loadings from the Red Sea port of Yanbu.
Crude oil futures traded higher on Wednesday morning after US President Donald Trump denied reports that he planned to ease sanctions on Iran.
At 9.36 am on Wednesday, November Brent oil futures were at $103.43, up by 0.82 per cent, and November crude oil futures on WTI (West Texas Intermediate) were at $89.77, up by 0.44 per cent. October crude oil futures were trading at ₹8638 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹8678, down by 0.46 per cent, and November futures were trading at ₹8445 against the previous close of ₹8487, down by 0.49 per cent.
In a post on Truth Social, Trump said: "Axios just released a story that "Trump" offered Sanctions Relief and Frozen Funds to Iran. This is untrue. I offered them NOTHING! Axios' story, like most others, is a HOAX, used only for purposes of satisfying their Trump Derangement Syndrome."
Meanwhile, Qatari Foreign Ministry spokesperson Majed al-Ansari told reporters that Qatar is exchanging messages between the US and Iran. "We are 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 said.
Reports also said Saudi Arabia restarted loadings from Red Sea port of Yanbu on Tuesday after resuming operations on the East-West pipeline. This pipeline was damaged in the recent attacks by the Houthis.
A Reuters report said crude oil exports from West Asian producers rebounded in September to 16.328 million barrels a day.