US Abandons Iran Deal Talks Amid Rising Oil Prices
The US has effectively abandoned efforts to negotiate a deal with Iran over reopening the Strait of Hormuz, according to reports. The Trump administration informed mediators that it no longer wants to revisit the June memorandum of understanding (MOU) signed at the Palace of Versailles.
This development comes as Pakistan's army chief Asim Munir and Oman's foreign minister met with Iranian officials in recent days, but made little progress towards a deal. Iran's Islamic Revolutionary Guard Corps has maintained that it will only open the strait if its conditions are met, including accepting its authority over access to the waterway.
The collapse of talks has sent oil prices soaring, with crude climbing above $88 a barrel on Thursday. This surge is largely attributed to market anxiety surrounding the potential for further disruptions to global oil supplies.