Oil Rises to $89 Brent as Iran Rejects 60-Day U.S. Deal Extension
Updated
Updated · CNBC · Aug 17
Oil Rises to $89 Brent as Iran Rejects 60-Day U.S. Deal Extension
3 articles · Updated · CNBC · Aug 17
Summary
Brent crude climbed 54 cents to $89.06 a barrel and U.S. crude gained 39 cents to $82.79 after Iran ruled out talks to extend its interim understanding with Washington.
Monday marks the expiry of the 60-day memorandum agreed on June 17, which was meant to keep the Strait of Hormuz open while the sides pursued a final nuclear deal.
Esmail Baghaei, Iran's Foreign Ministry spokesman, said the U.S. had violated the understanding from the start and that the 60-day timeline was therefore no longer relevant.
A senior Iranian official also told Reuters Tehran would shift to offense rather than defense if diplomacy with the U.S. fails, adding to market concern already heightened by wider Middle East tensions.