Iran Rejects U.S. Extension of Memorandum, Oil Prices Rise

Oil prices rose slightly on Monday after Iran announced it would not extend its memorandum of understanding with the U.S., according to CNBC. The document, signed on June 17, was set to remain in effect for 60 days and expires on August 17.

Iranian Foreign Ministry spokesman Esmail Baghaei stated that Tehran will not negotiate an extension of the memorandum, claiming negotiations have not actually begun and that the U.S. allegedly violated the agreement from the very beginning.

The refusal to extend the memorandum has led to a rise in oil prices, with U.S. crude oil futures increasing by 39 cents to $82.79 per barrel and Brent rising by 54 cents to $89.06 per barrel.