Brent crude futures edge higher despite continued uncertainty in West Asia
Iran’s Foreign Minister Abbas Araqchi told Iranian news outlet Shahdara News that Iran had not decided to resume talks with the US
On Monday morning, Brent crude oil futures experienced a slight increase, reaching $88.54, a 0.02 percent rise. Meanwhile, West Texas Intermediate (WTI) crude oil futures on October saw a minor decline to $81.27, a 0.25 percent decrease. August crude oil futures on MCX were trading at ₹7,854 during the opening hour, a 0.20 percent drop from the previous close of ₹7,870. September futures were at ₹7,800, a 0.13 percent reduction from the prior close of ₹7,810.
Iranian Foreign Minister Abbas Araqchi informed Iranian news outlet Shahdara News that Iran had not yet decided to resume talks with the US. In a recent interview, he emphasized that the US must fulfill conditions concerning the Strait of Hormuz for shipping to resume. Regarding the Strait of Hormuz, Deputy Foreign Minister Kazem Gharibabadi stated on X, "This strait will be opened and closed only under Iran’s command, and as long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade."
US President Donald Trump, participating in a political rally in New York, commented on the issue, stating that "paying a tiny little bit more" for gasoline is acceptable to prevent Iran from acquiring a nuclear weapon. He added, "After we finish defeating Iran ... pretty soon I’ll be declaring the Hormuz Strait a territory of the United States."
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