Oil prices rise after Trump denies move to ease Iran sanctions

Oil prices rose on Wednesday, September 30, 2026, after United States President Donald Trump denied he would be willing to ease sanctions on ‌Iran as Qatar pushed for peace talks to end the conflict with Tehran.

The Brent futures November contract , which expires on Wednesday, was up 84 cents, or 0.82%, to $103.43 a barrel by 0650 GMT.

The more active December contract rose 19 cents to $87.59, while US West Texas Intermediate crude gained 25 cents, or 0.28%, to $89.63.

Brent is headed for a monthly gain of around 14%, its biggest climb since July, while ⁠WTI is on track for a 4% rise after having breached $106 for the first time since May.

The spread between the two benchmarks also expanded to its widest in four months as traders watched potential plans by the United States to restrict diesel exports, which could create an oversupply in the US market and lead refiners there to process less crude.

Trump is considering allowing sales of red-dyed diesel, instead of an export ban, to offer some price relief to consumers ahead of the November midterm elections, Reuters reported.

“Continued uncertainty over sanctions relief and negotiations is keeping a geopolitical risk premium embedded in prices,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

“Improving supplies could cap further gains, but renewed disruption or an escalation in tensions could trigger another rally,” Sachdeva ‌added.

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Qatar said ⁠on Tuesday it hopes that shuttle diplomacy between Tehran and Washington can lead to a breakthrough.

However, Trump denied an Axios report that cited US officials as saying he was willing to give Iran sanctions relief and release frozen Iranian funds in return for “concrete” steps by Tehran on its nuclear programme.

On Tuesday, Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline.