Oil prices rise after Trump denies Iran sanctions relief

Global oil prices rose following a denial by US President Donald Trump regarding reports that he offered sanctions relief to Iran. While media outlets including Axios and CNN cited unnamed officials suggesting potential relief and the release of frozen funds in exchange for nuclear progress, Trump stated on Truth Social, “This is untrue. I offered them NOTHING.”

The denial caused market volatility as traders reassessed the likelihood of increased Iranian oil supply entering the global market. The uncertainty surrounding these reports highlights the sensitivity of energy markets to political developments in the Middle East.

Despite recent energy shocks and tariff increases, the global economy has shown resilience. International Monetary Fund data indicates that global growth remained at 3.5% in 2025, similar to 2024 levels, with lower inflation. This stability is attributed to market discipline influencing tariff negotiations, adjustments in global supply chains, and various fiscal and monetary policy responses.