Oil prices rise as resolution to Iran war remains unclear following MOU expiration

Iran’s parliamentary speaker, Mohammad Bagher Qalibaf, claimed Tuesday that Iran’s Islamic Revolutionary Guard Corps will maintain control over shipping traffic in the Strait of Hormuz until the United States agrees to its conditions.

“Until the United States fulfills its commitments under the agreement, including lifting the blockade, releasing frozen assets, lifting oil sanctions, ending threats and military operations on all fronts, and implementing the other conditions to which it committed, the Strait of Hormuz will not reopen,” Qalibaf said, according to The Associated Press.

Iran laid out this list of demands to reopen the strait on Aug. 8. Meanwhile, the U.S. is maintaining its naval blockade on Iran’s ports while demanding unrestricted international traffic through the strait.

The Associated Press contributed to this post.

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