Oil prices rose Wednesday after U.S. Secretary of State Marco Rubio said Iran was not serious about reaching a deal to end the fighting, and vowed the U.S. military would continue to protect shipping through the Strait of Hormuz.
Brent crude futures, the international benchmark, traded about 2.5% higher at $93.32. U.S. West Texas Intermediate crude futures were up 2.3% to trade at $86.31.
Speaking to reporters at the ASEAN Foreign Ministers’ meeting in the Philippines on Wednesday, Rubio said Washington remains willing to negotiate an end to the war.
"The U.S. would love to reach a diplomatic settlement, we’d love to reach an agreement if it were possible with Iran," Rubio said. But the Iranians "don’t seem to be serious :about making a deal, he said.
Tehran made commitments in the memorandum of understanding reached last month and “within two weeks violated it,” Rubio said. U.S. forces will continue to defend transit through Hormuz, Rubio said.
President Donald Trump told reporters Tuesday that Iran “desperately” wanted to resume talks, but Washington had “no interest” until Tehran showed willingness to engage “in a meaningful way.”
The U.S. military, meanwhile, carried out its eleventh consecutive night of strikes against Iran. The strikes targeted Iranian military operations centers, maritime capabilities, aircraft hangars, drone storage facilities, and military logistics infrastructure, U.S. Central Command said.
