Oil prices rose sharply Monday, with Brent crude climbing above $100 per barrel, after Iran ruled out negotiations with the United States in the near term, weakening expectations for a diplomatic agreement that could ease disruptions to oil flows through the Strait of Hormuz.
International benchmark Brent crude futures for December delivery rose 3.2% to $100.62 per barrel at 12:20 p.m. local time (0920 GMT), up from $97.44 at the previous close.
US benchmark West Texas Intermediate (WTI) crude futures for November delivery gained 3.5% to $95.41 per barrel from $92.41.
- Iran rules out near-term negotiations
Iran's official IRNA news agency, citing an official in the Iranian delegation that traveled to New York for the United Nations (UN) General Assembly, reported that Iranian Foreign Minister Abbas Araghchi will return to Iran on Tuesday after completing his previously scheduled meetings.
The report said Iran had no plans for negotiations with the US and had yet to receive a response to conditions conveyed to Washington through Qatari mediation.
Tehran was awaiting a response from Washington, the report added.
The Iranian delegation had conveyed seven conditions to Washington through Qatari mediation regarding the reopening of the Strait of Hormuz during its visit to the US for the UN General Assembly.
Araghchi described the seven-point proposal presented to the US as "very reasonable," saying that if Washington rejected it without justification, "that would be their mistake."
- Trump says US rejected Iran's conditions
US President Trump, however, said the US had rejected Iran's conditions.
He told reporters at the White House that Tehran "want to make a deal where they open the Strait immediately because they're losing so badly," adding that he expected US negotiators to hold further talks with Iran this week.
Statements from both sides weakened expectations of a short-term agreement between the US and Iran, while continued uncertainty over oil flows through the Strait of Hormuz supported upward pressure on prices.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
