(RTTNews) – Oil prices climbed on Monday, building on last week’s rally as the continued near-shutdown of the Strait of Hormuz kept supply concerns elevated.
Brent crude futures for July delivery were up nearly 1 percent at $110.34 a barrel, while WTI crude futures for July delivery surged 1.3 percent to $102.29.
Amid stalled peace talks, U.S. President Donald Trump has warned Iran the “clock is ticking” and there won’t be anything left of Iran unless it agrees to a deal.
Iran issued a stark warning to Washington, with senior figure Mohsen Rezaei cautioning that escalating military pressure could turn the Sea of Oman into a “graveyard” for U.S. vessels.
“Our understanding is that a naval blockade is an act of war, and responding to it is our natural right, Rezaei said.
According to Iran’s Fars News Agency, the U.S. has demanded for the permanent cessation of uranium enrichment and the handover of its enriched uranium stockpile.
The U.S. has refused to pay any war compensation and wants only one operating nuclear facility to remain in the Islamic Republic.
Iran is insisting that it would only return to negotiations if Israel’s ongoing war with Hezbollah in Lebanon come to an end, its sovereignty over the vital Strait of Hormuz corridor is recognized, demands for reparations are met, sanctions on Iran are lifted and its frozen overseas assets are released.
Meanwhile, the U.S. allowed a waiver on Russian oil sales to expire, and several Gulf countries reported drone attacks, marking a dangerous escalation in the Middle East conflict.
Emirati officials said they have the full right to respond to “terrorist attacks” following a drone attack on the UAE’s Barakah nuclear plant.
Saudi Araba reported intercepting three drones and warned it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security.
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