Oil Prices Rise as Iran Refuses to Reopen Strait of Hormuz

Oil prices rose on Tuesday as Iran announced it would maintain its aggressive stance and keep the Strait of Hormuz closed, halting progress in peace talks.

Brent crude futures increased by 59 cents, or 0.7%, to $91.46 a barrel, while U.S. West Texas Intermediate crude futures gained 75 cents, or 0.9%, to $85.25 a barrel.

Iran's top negotiator, Mohammad Baqer Qalibaf, said the country would keep the strait closed until the US meets its conditions under an interim deal signed in June.

US President Trump stated that talks between Washington and Tehran were not taking place or scheduled, but claimed the Strait of Hormuz was open.

Analysts believe the lack of progress in peace talks will lead to further pain for oil prices in the near term.