Oil prices increase after Iran doubles down on Strait of Hormuz closure, accuses US of undermining trust
By Auzinea Bacon, CNN
(CNN) — Oil prices rose Sunday after an Iranian official warned that the Strait of Hormuz will “under no circumstances” return to its previous state.
Brent crude, the international benchmark, was up about 2.14% to $107.58. US crude was up 2.08% to $96.36.
Iran’s president Masoud Pezeshkian told Pakistani Prime Minister Shehbaz Sharif that ongoing US actions were undermining trust and complicating paths to dialogue, according to Iran’s state broadcaster. The accusations come a week after Iran accused the United States of “breaches of trust” and once again closed the Strait of Hormuz.
Meanwhile, President Donald Trump canceled the US envoy to Islamabad at the last minute on Saturday after Iran refused to hold direct talks. Trump partially blamed the cancellation on “infighting” among Tehran’s leaders.
Peace talks have stalled ahead of the war’s two-month mark, prolonging oil disruptions and stoking higher gas prices around the world.
A gallon of gas cost an average of $4.10 on Sunday, according to AAA data. While that’s down from a recent peak, prices are up about 27% since the start of the war.
The-CNN-Wire
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This is s developing story and will be updated.
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