Oil prices rise as Iran rules out interim deal extension, threatens to escalate conflict

Oil rises as Iran rules out MoU extension, threatens to escalate Skip Navigation Markets Business Investing Tech Politics & Policy Video Watchlist Investing Club PRO Livestream Menu Key Points The memorandum of understanding that the U.S. and Iran signed on June 17 expires Monday. Iran's Foreign Ministry ruled out talks to extend the MoU, according to the state news agency Tasnim. A senior Iranian official told Reuters that Tehran would shift to offense rather than relying on defense if diplomacy with the U.S. fails. In this article @CL.1 @LCO.1 @LCO27F @LCO26V Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 4:56 04:56 Oil still doesn't appear to be flowing through the Strait as it was, says ClearView's Kevin Book Squawk Box 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 oil futures rose 0.76% to $83.03 per barrel. Brent crude, 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 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," Baqaei said, according to Tasnim. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.