Iran Rejects MoU Extension, Sends Oil Prices Soaring

The Memorandum of Understanding (MoU) between the US and Iran regarding the Strait of Hormuz expired on Monday without an extension. The agreement, signed on June 17, aimed to keep the strategic waterway open during nuclear talks. However, Iran's Foreign Ministry has ruled out further negotiations to extend the MoU, accusing the US of violating the agreement from the start.

A senior Iranian official warned that if diplomacy fails, Tehran may shift to offensive actions. This development has pushed US crude oil futures up 0.76% to $83.03 per barrel and Brent crude by 0.92% to $89.33 per barrel, reflecting market concerns over potential regional instability affecting oil supply.