Global oil markets witnessed an upward trend during Wednesday's trading, supported by US President Donald Trump's announcement that he has no intention to ease the sanctions imposed on Tehran, coinciding with the continuation of diplomatic efforts led by Doha to
reach an anticipated breakthrough, following a previous decline recorded by prices during the previous session as a result of improved supply levels coming from the Middle East region. In commercial details, Brent crude futures rose by 1.14 dollars, representing 1.11
percent, to settle at 103.73 dollars per barrel by the specified time at 01:31 GMT. Similarly, US West Texas Intermediate crude achieved a slight increase of 34 cents, raising its percentage to 0.38 percent reaching a price of 89.72 dollars.
In the context of monthly performance, Brent crude is approaching total gains of nearly 14 percent, recording its largest jump since July, while US crude is heading towards achieving gains of about 4 percent after crossing the 106 dollars barrier
for the first time since last May. On the other hand, the price difference between the two benchmark crudes recorded a noticeable expansion during the current month to reach its maximum level in four months, amidst anticipation by investors and
traders for potential US trends regarding restricting diesel exports, which could lead to a glut in local supply and prompt US refineries to reduce crude processing operations. The US administration is currently studying the option of allowing the marketing of
red-dyed diesel as an alternative to a total export ban, with the aim of containing inflationary pressures on prices for consumers coinciding with the approaching mid-term elections in November.
