The oil prices skyrocket on Monday, driven by the worsening of tensions between United States and Iranafter an Iranian media outlet claimed that Tehran suspended negotiations to end the war.
Iran reaffirmed on Monday that any agreement with the United States to end the war in the middle east was subject to a cease fire in Lebanon, where the Israeli army hits positions of Hezbollah, an ally of Tehran.
Around 14:05 GMT, the price of Brent barrel of the North Sea, with delivery in August – whose price as a reference contract was released this Monday – rose 6.60% to 97.13 dollars.
Its American equivalent, the barrel of West Texas Intermediatewith delivery in July, rose 7.62% to $94.02.
According to the Iranian press agency Tasnim, Iran suspended negotiations with the United States due to the “crimes” that Israel “continues to commit” in Lebanon.
For the oil market, which held out hope for an imminent deal between Tehran and Washington late last week, the prospect of a quick resolution appears to be receding.
“The risk of a breakdown (in negotiations) is real,” said Arne Lohmann Rasmussen, an analyst at Global Risk Management.
Apart from Lebanon, the nuclear issue does not seem resolved either.
The president of the United States, donald trumpinsisted on Sunday that the draft agreement “stipulates very clearly that Iran will not have a nuclear weapon” and this “in very firm terms.”
For its part, Iran reiterated on Monday that its nuclear program It does not appear, for the moment, on the agenda of the talks.
