Commodities
US-Iran Diplomacy Uncertainty Sends Oil Prices Soaring Above $96
Crude oil prices surged on Monday as uncertainty surrounding US-Iran diplomacy kept supply risks elevated.
The price of crude oil climbed more than 4% to above $96 a barrel, recovering from a 2.3% decline in the previous session.
Tehran continues to support a proposal that has been rejected by US President Donald Trump, calling for the lifting of a US naval blockade and oil sanctions as conditions for reopening the Strait of Hormuz.
Iranian Foreign Minister Abbas Araghchi stated that these requirements were longstanding and that Washington would need to make concessions.