Oil prices rose early Wednesday after President Donald Trump denied reports that he offered Iran sanctions relief in exchange for concessions on its nuclear program.
Brent crude, the international benchmark, traded at $103.09 per barrel at 2:00 a.m. ET, up 0.49%. U.S. West Texas Intermediate futures gained 0.18% to $89.53 a barrel.
Trump posted on Truth Social that an Axios report describing his willingness to offer sanctions relief and release frozen Iranian funds was false. "This is untrue. I offered them NOTHING!" he wrote, calling the story a "HOAX."
The Axios report said Trump was prepared to give Tehran relief in return for "concrete steps" on its nuclear program. The White House has not issued additional comment.
The price move comes as Qatar works to broker a lasting settlement between Washington and Tehran. Iranian Foreign Minister Abbas Araqchi met with Qatari mediators in Doha late Tuesday, where he received U.S. feedback on Iran's seven-day plan to reopen the Strait of Hormuz.
Araqchi is set to discuss the response in Tehran on Wednesday. The Strait of Hormuz is the world's most critical oil chokepoint, carrying roughly 20% of global petroleum shipments. Any disruption there would send energy prices sharply higher.
Qatari foreign ministry spokesperson Majed al-Ansari said his country continues to exchange messages between the two parties. "We're working towards establishing a common ground in order to get into a deal that would save all of us from the repercussions of the conflict," he told reporters.
Trump's denial complicates the diplomatic picture. If Washington has offered no sanctions relief, Iran has little apparent incentive to reopen the strait or curb its nuclear work. That leaves Qatar's mediation effort as the main channel between the two governments.
Oil traders are watching the talks closely. Brent has held above $100 a barrel in recent sessions, reflecting persistent supply concerns tied to the standoff. A breakthrough in Doha could pull prices lower. A collapse in talks would likely push them higher.
Iran has not publicly responded to Trump's post. Araqchi's meetings in Tehran on Wednesday will be the next signal of whether the seven-day plan moves forward or stalls.
Qatar has positioned itself as a neutral intermediary in the conflict, relaying messages between capitals that have no direct diplomatic ties. Al-Ansari did not give a timeline for when a deal might be reached.
