[International Oil Prices] Brent Crude Oil Breaks Above $90 per Barrel Again

[Financial News]  

International oil prices surged by around 2.6% on the 17th local time.
Prices jumped after President Donald Trump said there would be no extension of the Memorandum of Understanding (MOU) with the Islamic Republic of Iran and warned that Oman, a U.S. ally, could also be struck if it interfered with talks with Iran.
Iran has also reportedly warned that if negotiations with the United States collapse, it will shift from a defensive posture to an offensive one.
Amid concerns that a blockade of the Strait of Hormuz could drag on, oil prices rose again.
Brent Crude Oil for October delivery, the global benchmark, soared $2.35, or 2.65%, from the previous session to $90.87 per barrel on the Intercontinental Exchange (ICE).
West Texas Intermediate crude oil (WTI) for September delivery, the U.S. benchmark, also rose $2.10, or 2.55%, to settle at $84.50 per barrel on the New York Mercantile Exchange (NYMEX).
According to Reuters, an Iranian official said, "Iran must prepare for escalating tensions in the Strait of Hormuz and a broader region," adding, "Iran is ready to make decisions and carry out these difficult decisions."
Meanwhile, the MOU between the United States and Iran, signed on June 17, will expire today.
President Donald Trump made it clear that there would be no extension of the MOU.

[email protected] Song Kyung-jae Reporter