Tehran Halts US Talks: Iranian News Agency

Oil prices were on the rise Monday amid a report that Iran is backing away from talks. The semiofficial Tasnim News Agency said Monday that Tehran will halt message exchanges with the US via mediators and "completely" block the Strait of Hormuz, reports CNBC. The report cited Israel's continued military campaign in Lebanon, which Tehran sees as a violation of the original ceasefire agreement, per the New York Times. US officials have not weighed in on the development, but oil traders were antsy: The price of oil rose $5 a barrel after the report surfaced, notes Reuters. International Brent crude crept past $97 on Monday morning.

"No dialogue will take place" unless Israel withdraws from Lebanon and stops all attacks there and in Gaza, according to the Tasnim report, according to a translation via CNBC. "Also, the resistance front and Iran have resolved to completely block the Strait of Hormuz and activate other fronts including the Bab al-Mandeb Strait, in order to punish the Zionists and their supporters." The move follows continuing US-Iran strikes and counter-strikes around Hormuz and deeper Israeli advances into Lebanon.