Oil prices rose on Wednesday after US President Donald Trump rejected reports that his administration was prepared to ease sanctions on Iran as part of diplomatic efforts to end the ongoing conflict.

The development has added uncertainty to negotiations between Washington and Tehran, while energy markets remain focused on the security of the Strait of Hormuz, a vital route for global oil shipments. Brent crude climbed above $100 a barrel amid the latest developments.

The Independent reported that Trump confirmed US officials had communicated with Iranian representatives through intermediaries. However, the US president denied reports that Washington had offered sanctions relief or access to frozen Iranian funds in exchange for concessions over Tehran’s nuclear programme.

Trump’s position contrasts with Iran’s continued push for negotiations. Iranian officials have maintained that any agreement would need to address the economic pressure imposed on the country, while Tehran has proposed a phased reopening of the Strait of Hormuz as part of efforts to end the hostilities.

The diplomatic contacts have involved regional intermediaries, including Qatar, but significant differences remain between the two sides over the conditions for ending the conflict. Iranian officials have also continued to criticise Trump’s conduct of the war and his wider policy toward Tehran.

An Iranian official was quoted as saying that the United States would eventually leave the region, while a spokesperson for Iran’s Revolutionary Guards urged American voters to express their opposition to Trump’s approach at the November midterm elections.

Trump has meanwhile maintained that the conflict will end soon, even as negotiations continue behind the scenes. The uncertainty surrounding the talks and the future of the Strait of Hormuz continues to weigh on energy markets, with traders watching closely for signs of either a diplomatic breakthrough or further escalation.