DTN Oil Update
Oil Futures Up as US-Iran Ceasefire Talks Fail Again
HOUSTON (DTN) -- Oil futures rose on Monday as ceasefire negotiations between the United States and Iran failed again as both parties continue rejecting each other's proposals while the Strait of Hormuz remains under a naval blockade putting upward pressure on energy prices.
On Sunday, U.S. President Trump posted on his social media that Iran's proposal is "totally unacceptable." Meanwhile, Reuters reported that Iran's Ministry of Foreign Affairs spokesman Esmaeil Baghaei accused the U.S. of presenting "unreasonable demands."
Negotiations are centered on ceasefire guarantees, the control of the Strait of Hormuz, the end of Iran's nuclear program and the lifting of U.S. sanctions on Iranian oil trade.
The front-month NYMEX WTI futures contract rose $1.41 to $96.83 bbl, while the July ICE Brent futures contract increased $1.75 to $103.04 bbl.
June RBOB gasoline futures advanced $0.0358 to $3.5625 gallon, in contrast, the front-month ULSD contract dropped $0.0013 to $3.8978 gallon.
The U.S. Dollar Index dropped 0.004 points to 97.780.
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