President Donald Trump denied that Washington was ready to lift sanctions on Iran, sending Brent crude up to $103.20 a barrel and WTI to $89.48 on Thursday. The decision follows an Axios report that cited US officials saying Trump would offer sanctions relief if Tehran took concrete steps on its nuclear programme. Trump shot back, saying, "This is untrue. I offered them NOTHING."
Qatar’s foreign ministry, meanwhile, says it is shuttling back‑and‑forth between Tehran and Washington. Majed al‑Ansari told Reuters the country is pushing for a deal that could avert further conflict.
Saudi Arabia’s oil tanker operations from Yanbu have resumed, lifting Middle Eastern exports to 16.328 million barrels a day – the highest since the February escalation – and tightening the Strait of Hormuz chokehold.
US crude inventories rose 1.02 million barrels in the week to September 25, while distillate stocks fell, according to API data. The Energy Information Administration will release official figures at 10:30 a.m. EDT, a cue that could shift the market once again.