Oil prices increased early Wednesday following President Donald Trump’s rejection of reports suggesting the United States had offered sanctions relief to Iran in exchange for nuclear concessions. The denial comes as diplomatic efforts led by Qatar continue to advance toward de-escalation.
In a post on Truth Social, Trump characterized an Axios report indicating his willingness to release frozen Iranian funds and ease sanctions as a “HOAX.” He emphatically stated, “This is untrue. I offered them NOTHING!,” directly contradicting the media coverage that had suggested potential breakthroughs regarding Tehran’s nuclear program.
Following the president’s comments, Brent crude futures rose 0.49% to $103.09 per barrel as of 2:00 a.m. E.T. U.S. West Texas Intermediate crude gained 0.18%, trading at $89.53 a barrel.
Meanwhile, Qatar remains actively engaged in brokering a lasting settlement between Washington and Tehran. Iran’s Foreign Minister Abbas Araqchi held talks with Qatari mediators in Doha late Tuesday, where he received American feedback on the Islamic Republic’s seven-day proposal to reopen the Strait of Hormuz. Araqchi is expected to brief Tehran on the response on Wednesday.
Majed al-Ansari, a spokesperson for Qatar’s foreign ministry, confirmed that the Gulf state continues to relay messages between the two nations. “We’re 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,” al-Ansari told reporters.
Hopeful Qatar can bridge the gap, but Trump’s volatility makes every headline stressful.
Trust the denials, but keep an eye on Brent. The market stays nervous.
Qatar’s role here is actually impressive. Neutral mediation in this region isn’t easy.
Oil over $103 again? My commute just got more expensive. Thanks, politics.
Wait, so no deal yet? I thought we were close. This is confusing.