Iran Rejects Interim Deal Extension, Oil Prices Rise Amid Escalating Tensions
Crude oil prices rose on Monday as Iran ruled out extending talks to reach an interim agreement with the US. A senior Iranian official stated that Tehran would shift from defense to offense if diplomacy fails. The US and Iran agreed to a memorandum of understanding (MoU) on June 17, which aimed to open the Strait of Hormuz while negotiating a final deal on Tehran's nuclear program within 60 days.
The two-month deadline for reaching an agreement expires today, Monday. Iran's Foreign Ministry spokesman Esmaeil Baqaei stated that no talks had taken place and that the US had violated the MoU from the start. As a result, he ruled out any possibility of extending the negotiations.
US crude oil futures rose 0.76% to $83.03 per barrel, while Brent crude, the international benchmark, increased by 0.92% to $89.33 per barrel.