US-Iran Deal Hopes Fade as Brent Oil Price Soars Past $90

The price of Brent North Sea crude oil has surpassed $90 per barrel as hopes for a US-Iran deal to end the war in the region continue to fade. The main international oil contract saw a gain of more than 2.5% from Monday, with Brent reaching $90.02 a barrel. Meanwhile, the US contract, West Texas Intermediate, jumped 2.7% to $84.32 a barrel.

The surge in crude prices comes as the US and Iran appear no closer to reaching an agreement on the Strait of Hormuz, despite optimistic comments from Washington earlier this month. In a recent development, Donald Trump stated that he would seek conflict compensation from Iran as part of any peace negotiations, responding to Tehran's demand for US war reparations as a condition of any deal.

The price of crude has risen over 10% in the past week, reflecting growing tensions between the two nations. The latest developments have sparked concerns among investors and analysts who had been hopeful for a resolution to the conflict.