U.S. President Donald Trump has publicly denied reports that he offered sanctions relief to Iran in exchange for concessions on its nuclear program. In a post on Truth Social, Trump dismissed an Axios report claiming he was willing to provide sanctions relief and release frozen Iranian funds if Tehran took 'concrete steps' regarding its nuclear activities, stating, 'This is untrue. I offered them NOTHING!' and labeling the story a 'HOAX' [1].
Meanwhile, Qatar has continued its efforts to mediate between Washington and Tehran. Iran's foreign minister, Abbas Araqchi, met with Qatari mediators in Doha, where he received U.S. feedback on Iran's seven-day plan to reopen the Strait of Hormuz. Araqchi is expected to discuss the U.S. response in Tehran on Wednesday [1]. Qatari foreign ministry spokesperson Majed al-Ansari emphasized that Qatar is working to establish common ground between the parties, aiming for a deal that would mitigate the repercussions of the ongoing conflict [1].
On the market front, Brent crude, the international oil price benchmark, was down 0.31% at $102.27 per barrel at 3:36 a.m. E.T., reversing earlier gains. U.S. West Texas Intermediate (WTI) futures were also down 0.47% at $88.96 a barrel [1]. The movement in oil prices comes amid ongoing diplomatic efforts and uncertainty surrounding the potential reopening of the Strait of Hormuz [1].
CONCLUSION
President Trump's denial of offering sanctions relief to Iran, alongside Qatar's ongoing mediation efforts, has contributed to volatility in oil prices. The market remains attentive to diplomatic developments, with energy prices reacting to the evolving situation in the region.