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Brent oil rises above $90 as Iran rules out interim deal extension, threatens to escalate conflict

By Ilene
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Brent oil rises above $90 as Iran rules out interim deal extension, threatens to escalate conflict

By Spencer Kimball, CNBC

Crude oil prices rose Monday after Iran and the U.S. ruled out an extension of the memorandum of understanding that they signed in June to end the conflict.

The agreement is set to expire Monday. A senior Iranian official told Reuters, meawhile, that Tehran would shift to offense rather than relying on defense if diplomacy with the U.S. fails.

U.S. crude oil futures rose 2.6% to close at $84.50 per barrel. Brent crude, the international benchmark, gained 2.7% to settle at $90.87.

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