Oil prices surge as Iran maintains Strait of Hormuz closure, demands U.S. accept conditions

Oil prices jumped to session highs after Iran's security chief hardened Tehran's stance, reiterating that the Strait of Hormuz remains closed and talks will not resume until Washington accepts seven Iranian conditions. Brent crude rose 2.3% to $101.49 per barrel, while WTI gained 1.7% to $92.09.