New York, Sep 30 (V7N)- Oil prices rose above $103 a barrel on Wednesday after US President Donald Trump refused to ease sanctions on Iran, reversing a decline recorded in the previous session amid increased oil supplies from the Middle East.
Brent crude futures rose $1.14, or 1.11 percent, to $103.73 a barrel, according to Al Jazeera.
US West Texas Intermediate (WTI) crude also gained, rising 34 cents, or 0.38 percent, to $89.72 a barrel.
The increase came a day after oil prices declined as markets assessed higher crude supplies from the Middle East.
Brent crude is on track to post a monthly increase of about 14 percent in September, which would mark its largest monthly gain since July.
WTI prices, meanwhile, are set to rise by about 4 percent this month.
WTI had previously climbed above $106 a barrel, reaching its highest level since May as market concerns over Middle East supply disruptions increased.
Oil markets have remained sensitive to developments involving Iran and US sanctions, with traders closely monitoring their potential impact on global crude supplies.
The latest price movements reflect continued uncertainty in the global oil market as geopolitical developments in the Middle East influence expectations for supply and demand.
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