(AURN News) – Oil prices were up almost 4% Monday morning as negotiations between the United States and Iran hit roadblocks.
The increase comes after prices dropped significantly last week over reports of a ceasefire extension between the two countries.
Several other developments are also contributing to the recent rise in prices.
Reuters reports new concerns about the Strait of Hormuz after Iran dropped additional mines in the region.
Reuters also reported that Israel has moved troops deeper into Lebanon.
The developments come as negotiations between the United States and Iran face new obstacles after last week’s ceasefire extension helped drive oil prices lower.
According to Reuters, the United States is proposing what it is calling a “gradual de-escalation” between Israel and Lebanon.
Click play to listen to the AURN News report from Jamie Jackson:
https://aurn-news.simplecast.com/episodes/oil-prices-surge-nearly-4-on-new-concerns
