Oil prices are hovering above $90 a barrel as talks between Iran and the United States remain at a stalemate. Brent is now trading at its highest level in almost a month as traders assess a prolonged disruption to oil flows through the Strait of Hormuz.
The speaker of the Iranian parliament, Mohammad Bagher Ghalibaf, said on Tuesday that Hormuz will remain closed until the US fulfills the terms of the Memorandum of Understanding agreed in June.
Media reports say the conditions include lifting the blockade of Iranian ports, lifting oil sanctions and freezing Iranian assets. Meanwhile, US President Donald Trump said he has not had or planned any talks with Tehran.
