Oil prices rose early Wednesday after U.S. President Donald Trump denied an Axios report claiming he was willing to grant Iran sanctions relief in exchange for concrete steps on its nuclear program. Brent crude was trading at $103.09 per barrel while WTI stood at $89.53. Qatar continued its mediation efforts between Washington and Tehran, with Iranian Foreign Minister Abbas Araqchi meeting Qatari mediators in Doha on Tuesday evening. The Qatari foreign ministry said the country was still exchanging messages between the two parties to reach a deal.
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