Oil rises as United States rejects June Iran memorandum terms
Oil prices shot up by over $2 a barrel on Thursday after the US said no to bringing back the terms of a memorandum of understanding reached with Iran in June.
Despite recent diplomatic pushes, the White House confirmed there are no talks happening right now, but mentioned that "all options remain on the table."
This decision comes as tensions between the two countries continue to rise.
Brent hits $90.02 amid Iran tensions
Brent crude hit $90.02 a barrel, bouncing back after three days of losses.
The price surge is tied to worries about less oil coming from the Middle East and fresh threats from Iran's top security official, who warned of strikes on US interests if provoked.
Just this week, Qatar's prime minister tried to get talks going in Tehran, while the US slapped its "toughest sanctions in history" on Iran, making things even tenser.