On Monday, U.S. crude oil futures rose by 0.76% to $83.03 per barrel, while Brent crude increased by 0.92% to $89.33 per barrel. This uptick in prices follows a statement from Iran's Foreign Ministry spokesman Esmaeil Baqaei, who indicated that Iran would not engage in further talks to extend the memorandum of understanding (MoU) established with the U.S. on June 17.
The MoU aimed to facilitate negotiations over Iran's nuclear program and was set to expire on the same day. Baqaei criticized the U.S. for violating the terms of the agreement from the outset, suggesting that Iran is prepared to adopt a more aggressive stance if diplomatic efforts fail.
The situation raises concerns about the stability of oil supply from the region, particularly through the strategically vital Strait of Hormuz, which could lead to further volatility in oil markets