Oil prices edged higher on Wednesday after US President Donald Trump rejected reports that Washington was ready to ease sanctions on Iran, adding fresh uncertainty to efforts to end the conflict.
Brent crude for November delivery, which expires on Wednesday, rose 84 cents, or 0.82 percent, to $103.43 a barrel by 6:50am GMT. The more active December contract gained 19 cents to $87.59. US West Texas Intermediate (WTI) increased 25 cents, or 0.28 percent, to $89.63.
Brent is on track for a monthly gain of about 14 percent, its strongest monthly rise since July. WTI is heading for a roughly 4 percent increase after briefly climbing above $106 earlier in the month.
The latest rise came as Qatar pushed for talks between Washington and Tehran. Qatar said it hoped its efforts could help bring the two sides closer to a breakthrough.
However, Trump denied a report that the US was considering sanctions relief and the release of frozen Iranian funds in exchange for steps by Tehran on its nuclear programme.
The uncertainty is keeping pressure on oil markets even as supplies from the Middle East recover.
Saudi Arabia has resumed oil tanker loadings from its Red Sea port of Yanbu after restarting the East-West Pipeline. Middle Eastern oil exports reached 16.328 million barrels per day in September, their highest level since the war with Iran began on February 28.
JPMorgan said regional exports are now only about 11 percent below pre-war levels, while the average over the past five days stood at around 89 percent of 2025 levels.
Petrol prices in Pakistan
Pakistan has cut petrol and diesel prices again, but fuel costs remain well above pre-war levels.
Petrol was reduced by Rs1.49 to Rs387.54 per litre, while high-speed diesel fell Rs2.73 to Rs402.24 per litre.
Before the conflict began on February 28, petrol was priced at Rs266.17 per litre and diesel at Rs280.86. The latest rates are therefore about 45.6 percent higher for petrol and 43.2 percent higher for diesel.
Pakistan relies heavily on imported fuel, leaving local prices exposed to changes in global oil markets and shipping conditions in the Gulf.
The Petroleum Division said the latest changes reflected movements in international Platts rates, premiums and other costs.
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