West Texas Intermediate crude oil prices surged to over $84.20 per barrel during premarket hours on Tuesday from $77.08 on Friday. The significant oil price jump could be directly attributed to Iran reportedly stating that it does not expect to negotiate with US President Donald Trump until he remains in office, which is until 20 January 2029.
Majid Shakeri, an adviser to Parliament Speaker Mohammad Bagher Ghalibaf, said Tehran no longer expects a breakthrough with the current US administration, and Iran will continue its current strategy for the foreseeable future.
