Crude oil prices rose Monday after Iran ruled out talks to extend a memorandum of understanding with the United States, with a senior Iranian official warning Tehran would shift to offense rather than defense if diplomacy fails.
U.S. crude oil futures rose 1.8% to $83.87 per barrel, while Brent crude, the international benchmark, gained 2% to $90.31 per barrel.
The U.S. and Iran had agreed to a memorandum of understanding on June 17 intended to keep the Strait of Hormuz open while the two sides negotiated a final deal on Tehran's nuclear program within 60 days. That two-month deadline expired Monday.
Iran's Foreign Ministry spokesman, Esmail Baghaei, ruled out talks to extend the memorandum, according to the state news agency Tasnim.