The price of oil futures increased on Wednesday, with the West Texas Intermediate (WTI) soaring 2.5% as worries over the situation in the Middle East continued to persist. While some media reports suggested earlier that Washington was ready to offer sanctions relief to Iran to accelerate nuclear negotiations, United States President Donald Trump said this was a “hoax,” denying the claims. In addition, US Treasury Secretary Scott Bessent said that the country would continue to target Iran and its enablers. WTI for November settlements surged 2.5% at 11:32 am ET, going for $91.33 a barrel. At the same time, Brent for the same month’s deliveries added 1.10%, selling at $103.72 per barrel.
NN: Its election season, prepare yourself for a blizzard of bullshit!