Oil prices rose 4%. The U.S. stated that Iran is not taking the negotiations “seriously.”

Oil prices rose 4% on Wednesday, July 22, following the 11th round of U.S. overnight strikes against Iran.

September futures for Brent, the global benchmark, rose to $94.76 but then fell to $93.9 per barrel. Near-month contracts for the U.S. WTI Mark are trading at $87.3.

Oil prices are rising amid the ongoing escalation in the Middle East. On July 21, U.S. Central Command attacked Iranian military operations centers, naval facilities, aircraft hangars, drone storage facilities, and military logistics infrastructure, according to CNBC. The command stated that the strikes were carried out to “further degrade Iran’s ability to threaten commercial shipping in the Strait of Hormuz.”

U.S. Secretary of State Mark Rubio stated that Washington remains committed to diplomacy, but accused Tehran of violating the agreement between the two sides regarding the Strait of Hormuz.

“The problem we’re facing right now is that they aren’t serious about the negotiations,” he said. “If they’re serious, we’re serious. If not, we’ll do whatever is necessary to protect our interests, as well as the interests of our allies.”

The Strait of Hormuz remains a point of contention in bilateral talks, he added. According to Rubio, Iran “demands the right” to control this waterway, and allowing such a scenario to unfold would set a “very dangerous precedent” for the entire world.

This article was AI-translated and verified by a human editor