Iran Blocks MoU Extension, Sends Oil Prices Soaring
Crude oil prices rose on Monday as tensions between the US and Iran escalated. The memorandum of understanding (MoU) signed by both countries on June 17 is set to expire, with no extension in sight. In a statement, Iran's Foreign Ministry spokesman Esmaeil Baqaei ruled out any negotiations to extend the MoU, citing that the US had violated the agreement from the start.
Baqaei stated, "We did not start any negotiations at all, and the U.S. violated the understanding from the very beginning; therefore, the 60-day issue is not relevant," according to state news agency Tasnim.
As a result of Iran's stance, oil prices have increased. US crude oil futures rose by 0.76% to $83.03 per barrel, while Brent crude, the international benchmark, was up 0.92% at $89.33 per barrel.