Commodities
Oil Prices Surge on Weakened Hopes for US-Iran Peace Deal
Oil prices surged more than two percent on Tuesday as hopes of a near-term US-Iran peace deal weakened.
US President Donald Trump's remarks that Washington would seek reparations from Tehran and assert control over the Strait of Hormuz contributed to the price increase.
Brent crude was trading at USD 89.806 per barrel, up 2.1 percent, while US crude was at USD 84.386 per barrel, up 2.3 percent.
Trump stated that Iran should pay for damages he claimed it had caused over the past 50 years and that Washington has a blockade in place controlling vessel entry into the strait.