Brent Crude Oil Price Surges to $90 After Trump's Compensation Demands

The Brent crude oil price surged to its highest level in months after US President Donald Trump announced that he will demand compensation from Iran for 'all' the people who have been killed and injured in conflicts involving the country.

Trump's statement, made on his social media platform, sent shockwaves through oil markets, causing Brent prices to rise by 2.6% to an intraday high of $90.03 per barrel, its highest level since July 31.

The price increase also affected US crude West Texas Intermediate (WTI), which advanced by up to 3% and reached a high of $84.61 per barrel, also the highest level since July 31.

Trump's demand for compensation from Iran has heightened tensions in oil markets, particularly regarding the possibility that free transit through the Strait of Hormuz could be affected.