WTI Crude Oil Price Hits $83.20 Amid US-Iran Negotiation Deadlock
The price of West Texas Intermediate (WTI) crude oil continued its upward trend, reaching $83.20 a barrel on August 11. This marked a 1.3% increase from the previous session and its highest level since July 31.
The main driver behind this rise was the perception that negotiations between the US and Iran over normalizing transit through the Strait of Hormuz were deadlocked.
Ali Shamkhani, Secretary of Iran's Supreme National Security Council (SNSC), stated that 'The blockade of the Strait of Hormuz will not be lifted unless the United States changes its behavior and accepts Iran's conditions for ending the conflict.'
US President Donald Trump responded to Iran's demand for compensation for damages from attacks by the US and Israel, demanding instead that Iran compensate victims of the USS Cole and anti-government protests.