Brent crude oil prices rose by 1.11% on Wednesday, reaching $103.73 per barrel.

According to Reuters, the increase came after U.S. President Donald Trump rejected an Axios report claiming that the Islamic Republic’s sanctions were being reduced in exchange for specific nuclear steps.

U.S. West Texas Intermediate also rose by 34 cents, trading at $89.72.

In the past four days, the oil market surged twice and pulled back twice. Brent closed on Friday below $99. On Monday, after Mr. Trump rejected the Islamic Republic’s seven-point plan, it rose to $108.83, but closed at $105.28.

In the early hours of Tuesday, it again grew to $106.77 and then fell by 1.7%. The reason for the decline was signs of a return of Middle East oil supply to levels close to those before the war.