Oil prices rose on Wednesday as US President Donald Trump rejected reports that Washington was prepared to ease sanctions on Iran, while Qatar continued efforts to bring the two sides closer to negotiations.

Brent crude for November delivery, which expires on Wednesday, rose 71 cents, or 0.69 per cent, to $103.30 a barrel by 7:08 a.m. Saudi time. The more active December contract gained 35 cents to $96.51, while US West Texas Intermediate crude increased 43 cents, or 0.48 per cent, to $89.81.

Brent was on track for a monthly gain of about 14 per cent, which would be its strongest monthly increase since July. WTI was heading for a rise of around 4 per cent after briefly moving above $106 a barrel earlier in the month. Reuters reported that oil prices had fallen 2.5 per cent on Tuesday as traders focused on signs of recovering crude supplies from the Middle East.

The market has remained sensitive to developments surrounding the conflict and diplomatic efforts between Washington and Tehran. Qatar said it was continuing shuttle diplomacy between the United States and Iran in an attempt to establish common ground for negotiations.

Trump has denied reports that he was willing to provide Iran with sanctions relief and release frozen Iranian funds in exchange for steps by Tehran on its nuclear programme. The disagreement has added uncertainty to expectations for a possible diplomatic breakthrough.

At the same time, oil supplies from the Middle East have improved. Saudi Arabia resumed tanker loadings at its Red Sea port of Yanbu after restarting its East-West Pipeline, restoring an important route for crude exports.

Data from Kpler showed crude exports from major Middle Eastern producers reached 16.328 million barrels per day in September, the highest level since the conflict began in late February. However, exports remained about 3.2 million barrels per day below the February level of 19.513 million barrels per day.

The improving supply outlook has limited some of the upward pressure on prices, but traders remain concerned about the security of regional energy infrastructure and shipping routes.

In the United States, preliminary industry data indicated that crude and gasoline inventories increased last week while distillate stocks declined. Official figures from the US Energy Information Administration were due later on Wednesday.

US plans affecting diesel exports are also being monitored by traders. The Trump administration is considering allowing wider sales of red-dyed diesel as it seeks to ease fuel prices, while restrictions on diesel exports could influence refinery demand for crude.

The combination of recovering Middle Eastern supply and continued geopolitical uncertainty is keeping oil markets volatile as traders assess the prospects for diplomacy and the pace of the region’s export recovery.

Oil prices rose for a second consecutive session on Tuesday as concerns about disruptions to Middle East supplies continued to outweigh signs that crude exports from the region were recovering.

Brent crude futures rose $1.49, or 1.4%, to $106.77 a barrel by 0326 GMT, while US West Texas Intermediate crude gained $1.34, or 1.5%, to $93.94. Both benchmarks had gained nearly $1 a barrel in the previous session.

The market remains focused on the impact of the conflict involving the United States, Israel and Iran, particularly the disruption to oil shipments through the Strait of Hormuz. The waterway is a major route for global energy supplies, making any prolonged restriction a significant concern for crude markets.

At the same time, oil exports from major Middle Eastern producers have been recovering. Preliminary data from Kpler showed regional crude exports reached 16.328 million barrels per day in September, the highest level since the conflict began in February. However, exports remained about 3.2 million barrels per day below the February level of 19.513 million bpd.

Saudi Arabia and the United Arab Emirates have accounted for much of the increase. Saudi Arabia has also resumed crude loadings from its Red Sea port of Yanbu after restarting the East-West Pipeline, which was shut following attacks earlier this month. Trade sources estimated Yanbu loadings at about 2 million barrels per day, while Kpler said pipeline throughput could rise further in coming days.

KCM Trade chief market analyst Tim Waterer said higher export volumes were becoming more visible, although some shipments were still being moved through alternatives such as ship-to-ship transfers. Such arrangements are less efficient and more expensive than normal shipping operations, he said, helping keep oil prices elevated.

Diplomatic efforts have also continued. US and Iranian officials held separate discussions with mediators as efforts resumed to find a way to end the seven-month conflict. Further negotiations are expected to consider a revised version of a seven-day proposal put forward by Iran during the United Nations General Assembly.

UOB analysts said the US-Iran confrontation remained a key risk for energy prices and inflation expectations, with uncertainty surrounding the Strait of Hormuz continuing to influence market sentiment.

Meanwhile, the United States is considering regulatory changes that could allow broader sales of red-dyed diesel, potentially reducing fuel costs for some buyers. The proposal has emerged as an alternative to a possible diesel export restriction as Washington seeks to ease pressure on domestic fuel prices.

The competing signals from recovering exports and continuing geopolitical risks are keeping oil markets volatile, with traders closely watching developments around shipping routes and diplomatic efforts.

Assets held by Islamic banks and Islamic banking windows in Oman increased 10.5% year on year to 10.1 billion Omani rials ($26.2 billion) in July, according to data from the Central Bank of Oman.

The central bank’s monthly statistical bulletin showed that Islamic banking entities provided 8 billion rials in financing by the end of July, an increase of 10.9% compared with the same month last year. Deposits held by Islamic banks and windows also rose 10.3% to 8 billion rials.

The growth comes as Islamic banks across the Gulf Cooperation Council are expected to continue expanding at a faster pace than conventional lenders. Moody’s Ratings has said demand for Shariah-compliant financing and greater public-sector exposure across retail and corporate portfolios are supporting the sector.

The wider Omani banking sector also recorded strong credit growth during the period. Total credit extended by other depository corporations, which include conventional and Islamic banks, increased 12.2% to 38.3 billion rials.

Credit to the private sector rose 11.5% to 31.1 billion rials. Non-financial companies accounted for the largest share at 48.2%, followed by households at 42.7%. Financial companies accounted for 5.9%, while other sectors represented 2.6%.

Conventional banks recorded 12.7% growth in total credit, while lending to the private sector increased 11.9% to 23.8 billion rials.

Deposits also expanded across the banking system. Total deposits held by other depository corporations rose 13.2% to 37.3 billion rials, while private-sector deposits increased 12.7% to 24.7 billion rials.

Households accounted for 48.5% of private-sector deposits, followed by non-financial corporations at 35.2% and financial corporations at 14.6%.

At conventional banks, deposits increased 14.6% to 29.3 billion rials. Broad money supply grew 15% to 29.3 billion rials, with narrow money increasing 28% and quasi-money rising 9.9%.

Investment activity also increased. Conventional banks’ securities investments rose 26.2% to 7.3 billion rials. Holdings of government development bonds increased 20.4% to 2.5 billion rials, while foreign securities holdings rose 30.8% to 2.7 billion rials.

Borrowing costs eased during the year. The weighted average deposit rate at conventional banks fell to 2.19% from 2.57%, while the average lending rate declined to 5.31% from 5.51%. The overnight interbank lending rate dropped to 3.48% from 4.14%.

The central bank’s average repo rate also fell to 4.25% from 5%.

Oman’s nominal GDP contracted 2% in the first quarter of 2026, mainly because petroleum activity fell 11.7%. The non-hydrocarbon sector grew 5.9%, while real GDP expanded 2.6%. The average Omani oil price reached $83.90 a barrel in July, up 15.7% from a year earlier.