Iran foreign minister: Contact with the US has not been severed but no progress made

• The two sides are studying the texts that were exchanged
• If Israel attacks Beirut, we would respond decisively
• Our contacts with the US have not been cut off but not progress has been made.

Early this week, oil prices rose on a report saying that Iran had cut off negotiations. That doesn’t appear to be the case but oil is up 10% this week as there is no end in sight to the blockades. The latest comments about ‘no progress’ has helped to lift oil prices in the past few minutes.

This article was written by Adam Button at investinglive.com.