Crude oil prices edged higher Monday as Iran ruled out talks to extend the memorandum of understanding with U.S.
A senior Iranian official told Reuters that Tehran would shift to offense rather than relying on defense if diplomacy with the U.S. fails.
U.S. crude oilfutures rose 0.76% to $83.03 per barrel.Brentcrude, the international benchmark, was up 0.92% at $89.33 per barrel.
The U.S. and Iran agreed to a memorandum of understanding on June 17 that was supposed to open the Strait of Hormuz while they negotiated a final deal on Tehran's nuclear program within 60 days. The two-month deadline to reach a deal expires Monday.
Iran's Foreign Ministry spokesman Esmaeil Baqaei ruled out talks to extend the MoU, according to the state news agencyTasnim.
"We did not start any negotiations at all, and the U.S. violated the understanding from the very beginning; therefore, the 60-day issue is not relevant," Baqaei said, according to Tasnim.
