The prospects for peace in the Middle East suffered a fresh setback, with U.S. President Donald Trump saying he¡¯s not interested in extending the expiring agreement with Iran and tensions flaring anew in the Strait of Hormuz.
Asked whether he would seek an extension of the memorandum of understanding signed in June ¡ª which technically expires Monday ¡ª Trump told reporters, ¡°No.¡± That truce was meant to give Washington and Tehran a window to reach a lasting peace deal within 60 days.
Brent crude climbed above $91 a barrel on Tuesday after trading at its highest since late July, while West Texas Intermediate was near $85, as prospects dimmed for a swift reopening of Hormuz, through which a fifth of the world¡¯s oil and gas transited before the war.
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