Oil Prices Climb Amid Failed US-Iran Peace Talks

(RTTNews) - Oil prices ticked higher on Monday after the United States and Iran failed to agree on a pace deal, keeping the Strait of Hormuz largely closed and raising doubts about the durability of a fragile ceasefire.

Brent crude futures for July delivery were up 2.4 percent at $103.76 a barrel, while WTI crude futures for June delivery rose by 2.2 percent to $97.52 a barrel.

After U.S. President Donald Trump rejected Iran's latest proposal to end the months-long conflict now stretching over two months, Iran said it would continue using both "the weapon of diplomacy" and military resistance whenever it considers necessary to protect national interests.

Iranian Foreign Ministry spokesperson Esmaeil Baqaei said the U.S. has committed a breach of trust in every diplomatic process it has participated in over the past 20 years.

Israeli Prime Minister Benjamin Neanyahu said that Iran's stockpile of enriched uranium must be "taken out" before the conflict with Iran can be considered over.

Earlier, Iran rejected the U.S. proposal for renewed peace talks, calling it "surrender" and insisting instead on war reparations, full Iranian sovereignty over the Strait of Hormuz, sanctions relief, and the release of seized assets.

The response also called on the U.S. to end its naval blockade and guarantee no further attacks.