Oil prices recorded an increase in trading today, Wednesday, supported by US President Donald Trump’s announcement of his denial of willingness to ease sanctions imposed on Iran, in conjunction with intense diplomatic efforts led by Qatar to achieve a political breakthrough. This rise came to compensate for part of the decline that prices witnessed in the previous session against the backdrop of a recovery in Middle East supplies.
By 01:31 GMT, Brent crude futures rose by $1.14, or 1.11%, to reach $103.73 per barrel. US West Texas Intermediate crude contracts also rose 34 cents, or 0.38%, recording $89.72 per barrel.
According to Reuters, Brent crude oil is moving towards achieving monthly gains of approximately 14%, recording its largest monthly rise since last July. In the same context, US crude oil is heading for monthly gains of 4%, after it had exceeded $106 per barrel for the first time since last May.
