Oil gains after Trump denies he is willing to ease sanctions on Iran

Business Recorder reported that crude prices edged higher on Wednesday after Donald Trump denied he would relax sanctions on Iran, reversing a dip in the previous session. Brent's November contract, set to expire that day, climbed 71 cents to $103.30 a barrel as of 0408 GMT, up 0.69%. Trading was also firm in the December contract, up 35 cents at $96.51, while US West Texas Intermediate advanced 43 cents to $89.81.

Brent is set for a monthly gain of about 14%, its best since July, while WTI is up about 4% after briefly topping $106, a level unseen since May. The price gap between the two benchmarks reached a four-month high this month, as traders tracked possible US limits on diesel exports. Washington is weighing red-dyed diesel sales instead of an export ban to cushion consumers before the November midterm elections.

Middle East crude exports hit 16.328 million barrels daily in September, the strongest level since the conflict with Iran began in late February. Tanker loadings resumed on Tuesday at Yanbu, on the Red Sea coast, after Saudi Arabia restored the East-West Pipeline. J.P. Morgan said that shipments from the region now stand 11% below pre-war levels, a rebound it called notable for an area still in conflict. Qatar has said it hopes shuttle diplomacy might yield a breakthrough between Tehran and Washington.