Donald Trump Denies Iran Sanctions Relief Reports, Driving Crude Prices
- Global crude prices climbed during trading hours on September 30, after United States President Donald Trump denied a media report suggesting he would ease sanctions against Iran.
- West Texas Intermediate (WTI) crude for November delivery rose by $2.22, or 2.51%, to settle at $91.60 per barrel during the session.
- The upward price momentum followed a direct denial from President Trump regarding a report published by Axios.
Global crude prices climbed during trading hours on September 30, after United States President Donald Trump denied a media report suggesting he would ease sanctions against Iran. The rejection of the report heightened trader anxiety regarding potential disruptions to Iranian oil supplies, pushing benchmarks higher across international markets.
West Texas Intermediate and Brent Crude Price Movements
West Texas Intermediate (WTI) crude for November delivery rose by $2.22, or 2.51%, to settle at $91.60 per barrel during the session. Meanwhile, Brent crude futures for November delivery increased by $1.09, or 1.06%, reaching $103.68 per barrel. Market data indicates that Brent crude is currently on track for a 14% monthly gain, marking its largest monthly advance since July. WTI is heading for a 6% monthly increase, having previously surged past $106 per barrel earlier in the period for the first time since May.
Impact of Trump’s Sanctions Stance on Market Sentiment
The upward price momentum followed a direct denial from President Trump regarding a report published by Axios. The news outlet had cited US officials claiming that Washington was prepared to ease economic sanctions on Iran and unfreeze Iranian funds in exchange for progress on a nuclear agreement.
US Inventories and Energy Information Administration Data
Compounding supply concerns, the US Energy Information Administration (EIA) released inventory figures showing that domestic crude stockpiles increased by 922,000 barrels during the week prior to the report. The build ran counter to analyst expectations, which had projected a draw of 700,000 barrels. Inventories at Cushing, Oklahoma—the primary delivery hub for US crude futures—similarly rose by 553,000 barrels. In contrast, refined product stockpiles tightened significantly, with gasoline inventories dropping by 1.6 million barrels and distillate supplies, which include heating oil and diesel, falling by 2.2 million barrels. Both product declines exceeded analyst forecasts.