Trump Rejects Iran Deal, Oil Prices Rise Amid Diplomatic Impasse

The price of Brent crude oil rose by 2.1% on Thursday after US President Donald Trump reportedly rejected a potential deal with Iran to revive terms of a memorandum of understanding reached in June.

Citing people familiar with the matter, a Wall Street Journal report stated that the Trump administration has repeatedly told mediators it has no interest in reviving the June agreement.

This decision complicates diplomatic efforts to restart talks and boost oil flows from the Middle East. As a result, investors scaled back expectations of a breakthrough.

Brent crude futures settled up $1.86, or 2.1%, at $89.70 a barrel. US West Texas Intermediate crude futures rose by $1.30, or 1.6%, to $83.53.