Oil Prices Surge as US-Iran Talks Stall Over Hormuz Deal
Oil prices rose on Monday as market participants weighed mixed signals from US-Iran talks. The Strait of Hormuz deal, which would reopen a vital oil shipping route, appears to be stalled. Iran's Revolutionary Guards insisted that they won't lift the blockade until their demands are met.
The US and Iran have been in talks over reopening the strait, through which 20% of global oil passes. However, Iran has released a list of conditions for lifting the blockade, including an end to sanctions, the release of frozen assets, and compensation for wartime damage.
US President Donald Trump downplayed the negotiations, saying 'We are low-keying it.' He added that 'We are only semi-negotiating with them,' and that Iran has 'no money' due to high inflation.