Global crude oil prices rose after U.S. President Donald Trump denied reports that he would agree to ease sanctions on Iran. As of 10:27 p.m. Thailand time, West Texas Intermediate crude for November delivery was up 2.22 dollars, or 2.51%, at 91.60 dollars per barrel, while Brent crude for November delivery was up 1.09 dollars, or 1.06%, at 103.68 dollars per barrel. Brent crude is on track to surge 14% this month, which would be its largest monthly gain since July, while WTI crude is on track to rise 6% this month after climbing above 106 dollars per barrel for the first time since May. President Trump rejected a report by Axios, which cited U.S. officials as saying he was prepared to ease sanctions on Iran and unfreeze Iranian funds in exchange for reaching a nuclear deal with Iran. In a post on Truth Social, he said the report was untrue and that he had offered them nothing. Meanwhile, the U.S. Energy Information Administration, or EIA, reported that U.S. crude inventories rose by 922,000 barrels last week, while analysts had expected a decline of 700,000 barrels. Crude stocks in Cushing, Oklahoma, the delivery point for U.S. crude futures, rose by 553,000 barrels. Gasoline inventories fell by 1.6 million barrels, while analysts had expected a decline of 500,000 barrels, and distillate stocks, which include heating oil and diesel, fell by 2.2 million barrels, while analysts had expected a decline of 200,000 barrels.
Trump denying sanctions relief for Iran supports Brent crude prices, which are up 1.06%.
Trump's refusal to ease Iran sanctions keeps supply constrained, pushing WTI crude higher.
