Crude Oil Prices Rise After Trump Denies Iran Sanctions Relief | September 30, 2026

Crude oil prices rose on Wednesday, September 30, 2026, after US President Donald Trump denied reports that he was prepared to ease sanctions on Iran, as per news reports. At the same time, Qatar pushed for talks between Washington and Tehran, while traders monitored the recovery in crude supply from the Middle East. 

Brent crude futures rose $1.14, or 1.11%, to $103.73 a barrel by 0131 GMT. US West Texas Intermediate crude gained 34 cents, or 0.38%, to $89.72 a barrel. 

Brent Heads for Strong Monthly Gain 

Brent crude is on track for a monthly gain of around 14%, which would mark its strongest monthly rise since July 2026. WTI is heading for a 4% monthly increase after briefly moving above $106 a barrel, its highest level since May 2026. 

The spread between the two benchmarks has also widened to its highest level in four months as traders assess possible US restrictions on diesel exports. Such a move could increase domestic diesel supplies and encourage US refiners to process less crude. 

Trump Denies Iran Sanctions Relief Report 

Trump rejected an Axios report that cited US officials as saying he was willing to provide Iran with sanctions relief and release frozen Iranian funds in return for concrete steps on its nuclear programme. 

Trump said the report was untrue and stated that he had offered Iran nothing. 

Qatar Pushes for US-Iran Talks 

Qatar said it hoped its diplomatic efforts between Iran and the US could help establish common ground and lead to an agreement. The developments come as markets continue to assess the risk of further disruption to energy supplies from the region. 

Middle East Oil Flows Recover 

Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline. 

Crude oil exports from Middle East producers recovered to 16.328 million barrels per day in September, the highest level since the US-Israeli war with Iran began in late February. 

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US Inventory Data in Focus 

US crude oil and gasoline inventories increased last week, while distillate stocks declined, according to data cited from the American Petroleum Institute. Crude stocks rose by 1.02 million barrels in the week ended September 25. 

The US Energy Information Administration is due to release its official inventory figures at 10:30 AM. EDT (1430 GMT). 

Conclusion 

Crude oil prices remain sensitive to developments around Iran, Middle East supply flows and US energy policy. Traders are also awaiting official US inventory data for further indications on domestic fuel demand and crude supplies. 

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