RESOLVING THE LEDGER
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See the full story · 2 sourcesCrude oil prices edged higher Monday as Iran ruled out talks to extend the memorandum of understanding with the 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 oil futures rose 10 cents to $82.50 per barrel. Brent crude, the international benchmark, was up 33 cents at $88.85 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, Esmail Baghaei, ruled out talks to extend the MOU, according to the state news agency Tasnim .
"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," Baghaei said, according to Tasnim.
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