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Trump Rejects Truce Extension, WTI Crude Oil Prices Steady

Guavy AI Editorial Team
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West Texas Intermediate (WTI) crude oil prices remained steady near $84.00 on Tuesday, as traders weighed in on the developments surrounding Middle East conflicts.

The US and Iran ruled out extending their Memorandum of Understanding (MoU), signed in June to end the conflict, after US President Donald Trump stated he was not interested in renewing the agreement.

Trump cited the naval blockade of Iranian ports as a key factor, saying 'We control it with the blockade, and I like the idea of declaring it a territory.'

An Iranian official warned that Iran would be prepared to escalate tensions in the Strait of Hormuz and wider region if necessary.

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