Oil prices climb as US-Iran truce deadline passes
Crude futures advanced after the latest deadline for a pause in the US-Iran conflict expired without a settlement.
Oil prices moved higher on Monday after the latest deadline for a ceasefire in the US-Iran conflict passed without a deal, with traders watching for any further disruption to supply. Brent crude rose above $90 a barrel for the first time since 30 July.
Iran said it would adopt a tougher line if talks with the United States failed, while Donald Trump urged Tehran to surrender in an interview with Fox News. The comments came as the fighting showed no sign of ending.
The price move also followed reports that the United States had threatened an open-ended blockade of Iran. Market participants have been reacting to the risk that the confrontation could widen and affect shipments from the region.
The latest gains add to recent volatility in oil markets, which have been sensitive to developments in the conflict and to any sign that negotiations may break down.
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