Oil Prices Soar as Iran-US Peace Deal Hopes Plummet

Oil prices rose on Tuesday as hopes for a U.S.-Iran peace deal faded further. Iran said it would adopt a more offensive stance, and Washington ruled out extending a ceasefire agreement.

The Brent crude futures price climbed 1% to $91.78 a barrel, while U.S. West Texas Intermediate crude futures rose 1.4% to $85.68 a barrel.

Iranian top negotiator Mohammad Baqer Qalibaf said the Strait of Hormuz would remain closed until the U.S. meets the conditions of an interim deal signed in June, according to state media.

U.S. President Trump stated that talks between Washington and Tehran were not taking place or scheduled but that the Strait was open.