Oil Prices Surge Above $90 as US-Iran Deal Expires
Oil prices have surged above $90 per barrel after the expiration of the US-Iran interim peace deal, sparking concerns about potential disruptions to energy supplies through the Strait of Hormuz.
The Brent crude futures rose 0.5 percent to $91.36 a barrel by 03:00 GMT, while US West Texas Intermediate crude futures increased 0.8 percent to $85.13 per barrel.
US President Donald Trump has called on Iran to surrender in an interview with Fox News, but confirmed that direct backchannel talks are ongoing with Iran's Islamic Revolutionary Guard Corps.
Tehran is reportedly ready to revive the MoU only if the US is prepared to abandon its 'habit of breaching commitments', according to Abbas Baqerpour, director general of legal affairs at Iran's foreign ministry.