Oil prices rose on Monday as Iran ruled out extending the memorandum of understanding agreed with the United States on June 17. Tehran warned it would shift to offense rather than relying on defense if diplomacy failed. U.S. crude futures gained 0.76% to $83.03 per barrel, while Brent crude, the international benchmark, rose 0.92% to $89.33 per barrel. The 60-day deadline to reach a final deal on Tehran’s nuclear program expired on Monday. Iran’s Foreign Ministry spokesman Esmaeil Baqaei said the United States violated the understanding from the very beginning.
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