The price of oil rose on international markets Monday on fears a deal to end the standoff that has effectively closed the Hormuz Strait, through which 20% of the world's hydrocarbons are normally shipped, could be some time off amid a lack of clarity from United States and Iran. File photo by Neil Hall/EPA/
Aug. 10 (UPI) -- The price of oil rose on international markets Monday on fears a deal to end the standoff that has effectively closed the Hormuz Strait, through which 20% of the world's hydrocarbons are normally shipped, could be some time off amid a lack of clarity from United States and Iran.
The benchmark Brent contract for October delivery was up $1.08 at $84.63 a barrel in early afternoon trade in London while the contract for American crude for September delivery was up 84 cents at $79.02 a barrel after Tehran denied it was in talks with Washington.
Iranian Foreign Minister Abbas Araghchi in comments Sunday evening contradicted claims by senior U.S. officials, including U.S. President Donald Trump, that a breakthrough on reopening the key waterway was just around the corner. Araghchi did acknowledge the two sides were engaging, just not face-to-face.
Trump said the economic and inflationary pressure on Iran would, he believed, would prove too much for Iran and in due course it would back down.
