Oil Prices Soar as Trump Demands Compensation from Iran
Global oil prices have stabilized after rising to their highest level in the past week due to uncertainty over the conflict between the US and Iran, as well as the resumption of shipping through the Strait of Hormuz.
The market was influenced by President Donald Trump's demand for compensation for damages inflicted on the US. Trump responded to Iran's terms for a peace deal with his own demands that Iran pay compensation for those killed in war, attacks, and protests, a move likely to complicate efforts to reopen the Strait of Hormuz.
Brent crude futures fell by 10 cents, or 0.11%, to $87.62 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined by 5 cents, or 0.06%, to $82.08 per barrel. Both benchmarks rose more than 5% on Monday to their highest levels since July 31.
Tim Waterer, chief market analyst at KCM Trade, said 'It appears there is a gulf between the U.S. and Iran regarding what any agreement should actually look like.'