New York, (EFE) – West Texas Intermediate (WTI) crude surged 7% Monday after Iran suspended peace negotiations with the United States over Israeli attacks on Lebanon — just days after both nations had reached a preliminary agreement.
At 11:45 a.m. local time in New York (15:45 GMT), WTI futures contracts for July delivery were up 7.13% from Friday’s close, gaining $6.23 to trade at $93.59 per barrel.
The Tasnim news agency — linked to Iran’s Revolutionary Guard — reported Monday that Iran’s negotiating team has suspended talks and the exchange of messages with the U.S., and would fully close the Strait of Hormuz, according to financial network CNBC.
Tehran “will completely block the Strait of Hormuz and will open other fronts, including the Strait of Bab el-Mandeb,” which connects the Red Sea to the Gulf of Aden, CNBC reported, citing Tasnim.
WTI had already opened higher Monday, pressured by reports of recent cross-border attacks between the two countries as President Donald Trump gave no clear indication of the direction of the preliminary deal to end the war.
The U.S. government announced Monday morning that it intercepted and destroyed two missiles fired by Iran at American troops in Kuwait. Iran’s Revolutionary Guard, in turn, reported a U.S. strike on a telecommunications tower in the country’s south.
Late last week, reports indicated that Tehran and Washington had reached a preliminary agreement pending Trump’s approval, though U.S. media later reported the president requested amendments to several provisions of the draft.
Trump emphasized Sunday that his proposed peace plan with Iran includes detailed clauses on Tehran’s nuclear program, and later said Iran “really wants” a deal, promised “everything will be worked out,” and urged people to “relax.”
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