Trump's Iran Deal Comments Send Brent Crude Prices Soaring

Brent crude prices have held above $87 per barrel on Tuesday morning, as US President Donald Trump downplayed the urgency of Iran deal negotiations.

Trump told Axios that the US was 'only semi-negotiating' with Tehran, adding that it would be a 'chess game' and 'it will work out'. He also stated that the US is seeking payment for 50 years of damages caused by Iran, which Tehran has set as one of its conditions to partially reopen the Strait of Hormuz.

The ongoing conflict has taken a severe toll on oil markets, with Brent prices surging above $120 in the spring and dated Brent assessments reaching $140, the highest since 2008. The current rise back toward and above $87 reflects renewed uncertainty over whether a deal will hold.