(RTTNews) – After showing a lack of direction earlier in the day, the price of crude oil has moved sharply higher over the course of the trading session on Monday.
Crude for September delivery has surged $2.28 or 2.8 percent to $84.68 a barrel, adding to the $1.15 or 1.4 percent jump seen last Friday.
The sharp increase by the price of crude oil comes amid concerns about a re-escalation of the conflict in the Middle East.
Crude oil futures spiked amid indications Iran has ruled out talks with the U.S. to extend a 60-day ceasefire that expires today.
“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,” Iran Foreign Ministry spokesman Esmail Baghaei said, according to state news agency Tasnim.
Adding to worries about a broader conflict, President Donald Trump threatened to bomb Oman during an interview with Fox News, warning, “If Oman gets in the way, we’ll bomb the s— out of them.”
Trump’s threat comes as Iran and Oman appear to be moving closer to an understanding over the management of the Strait of Hormuz.
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