Trump Demands Compensation from Iran as Crude Oil Prices Edge Lower

Crude oil prices have edged lower despite US President Donald Trump demanding compensation from Iran for the families of people killed in their recent conflict. In a post on Truth Social, Trump stated that he is now demanding compensation from Iran for all the people they have killed and gravely wounded with roadside bombs and conflicts, including the families of those killed on the USS Cole and thousands of others killed in combat.

Additionally, Trump wants compensation paid to the families of hundreds of thousands of innocent protesters killed by Iran over the last 50 years. He has instructed his representatives to put this into any future negotiations.

The current rhetoric suggests that a potential deal is still some way off, and risks remain skewed to the upside for oil prices, according to Warren Patterson and Ewa Manthey from ING Think in their Commodities Feed.

Oil continues to move through the Strait of Hormuz despite periodic turbulence, with Iraq's state oil marketing company shipping around 2 million barrels a day in August, down from 3.4 million before the war.