Oil prices moved higher on Wednesday after U.S. President Donald Trump denied he would be willing to ease sanctions on Iran while Qatar pushed for peace talks, after falling in the previous session on a recovery in crude supply from the Middle East.
Brent crude futures rose 0.84% to $103.45 U.S. a barrel. U.S. West Texas Intermediate crude gained 1.4% to $90.63.
Brent is headed for a monthly gain of around 14%, its biggest climb since July, while WTI is on track for a 6% rise after having breached $106 for the first time since May.
The spread between the two benchmarks this month also expanded to its widest in four months as traders watched potential plans by the US to restrict diesel exports, which could create an oversupply in the domestic market and lead US refiners to process less crude.
Trump is considering allowing sales of red-dyed diesel, instead of an export ban, to offer some price relief to consumers as the November mid-term elections loom.
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