US Tightens Iran Negotiations, Oil Prices Jump Over 2% at Open

International oil prices opened higher today, primarily due to reports over the weekend that the US has tightened its conditions for negotiations with Iran regarding ending the war in the Middle East. According to AFP, West Texas Intermediate (WTI) crude rose 2.5% to $89.60 per barrel. The international benchmark Brent Crude for August delivery was around $93.16 per barrel, up about 2.2% from the May 29 close. Previously, oil prices had plummeted by more than 11% last week due to market optimism regarding the implementation of a peace agreement and the expected reopening of the Strait of Hormuz, a key artery for global crude oil transport. However, according to weekend reports from US media such as The New York Times, President Donald Trump has submitted an updated draft memorandum of understanding to Tehran authorities, with several terms being stricter than before.