Oil prices rose after Iran refused to extend its memorandum with the U.S.
Oil prices rose slightly on Monday after Iran ruled out the possibility of negotiations with the United States to extend the memorandum of understanding. The document, signed on June 17, was set to remain in effect for 60 days and expires on August 17, according to CNBC.
The memorandum provided for the opening of the Strait of Hormuz while the U.S. and Iran negotiated a final agreement on Tehran’s nuclear program. Iranian Foreign Ministry spokesman Esmail Baghaei, as reported by the state-run Tasnim news agency, stated that Tehran will not negotiate an extension of the memorandum.
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According to Baghaei, negotiations have not actually begun, and the U.S. allegedly violated the agreement from the very beginning. Separately, a senior Iranian official told Reuters that Tehran would take the offensive rather than rely on defense if diplomacy with the U.S. fails.
U.S. crude oil futures rose 39 cents to $82.79 per barrel. The price of Brent, the international benchmark, rose 54 cents to $89.06 per barrel.
