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As crude oil prices continued to rally for the fourth consecutive session, Brent crude inched closer to the $90-per-barrel mark. The recent uptick in crude oil prices came as the US-Iran deadlock over a peace agreement continued to cloud the reopening of the Strait of Hormuz.
US President Donald Trump put forward fresh demands on Iran. He demanded compensation for the people killed in attacks by Iran during the war. The demand came after Tehran reiterated calls for reparations as part of negotiations to wind down the conflict.
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Brent Nears $ 90 Per Barrel
Brent was trading above the $87-per-barrel mark on Tuesday, according to Trading Economics data at 10:30 am. Brent crude oil has surged significantly over the past four sessions. The rally was fuelled by heightened uncertainty over the Iran-US deal and the reopening of the Strait of Hormuz.
West Texas Intermediate (WTI) crude futures remained close to $ 82.3 per barrel mark on Tuesday. The recent demand has cast a shadow on near-term agreement between Iran and the US. Prolonged uncertainty can build tensions among market participants and investors over the reopening of the Strait of Hormuz.
Why Is Crude Oil Price On Fire Today?
US President’s fresh conditions came hours after Iran issued tough new demand for reopening of the Strait of Hormuz.Iran’s Supreme National Security Council (SNSC), on Monday, reiterated that the Strait of Hormuz will not open until the US “corrects its behaviour”, and its state broadcaster published a statement from the council’s secretary, Mohammad Bagher Zolghadr.
“International oil benchmarks rallied near 5% overnight, with Brent crude settling at $87.72/bbl. The surge follows official statements from Tehran reiterating that the Strait of Hormuz will not reopen unless the U.S. satisfies several explicit conditions, including an end to sanctions, war compensation, and lifting naval blockades under Operation Project Freedom,” as per Bajaj Broking report.
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