OIL JUMPS AS IRAN HARDENS HORMUZ STANCE

Oil prices climbed to daily highs as optimism over U.S.-Iran diplomacy faded following tougher comments from Iran’s security chief.

Tehran reiterated that Hormuz will remain closed and negotiations will not resume unless Washington accepts Iran’s seven conditions.

Brent rose 2.3% to $101.49, while WTI gained 1.7% to $92.09 as hopes for a diplomatic breakthrough weakened.