Brent tops $103.20 after President Trump rejects easing Iran sanctions
Oil prices are back up, with Brent crude topping $103.20 per barrel and WTI crude at $89.48.
This jump comes after President Trump made it clear the US isn't easing sanctions on Iran, which has traders worried about tighter global supply.
Earlier price dips, thanks to more oil coming out of the Middle East, have been overshadowed by these fresh concerns.
Saudi Arabia resumes Yanbu loadings
Middle Eastern oil exports hit 16.328 million barrels per day in September, Saudi Arabia resumed oil tanker loadings from its Red Sea port of Yanbu on Tuesday after restarting operations on the East-West Pipeline.
Despite this, Brent is set for its biggest monthly gain since July, up 14%, mostly because of ongoing geopolitical tensions.
In the US oil inventories rose slightly last week, and everyone's watching for more official data soon.
Meanwhile, Qatar is trying to mediate between the US and Iran to help calm things down, but for now, markets are still on edge.