Oil remains near one-week peak
Oil prices have risen noticeably, approaching their highest levels in more than a week, after hopes for a breakthrough in negotiations between the United States and Iran to end tensions and reopen the Strait of Hormuz diminished. This follows Trump's demands for compensation for damages suffered by his country. Brent crude traded at $87.81 per barrel, and West Texas Intermediate at $82.20, after climbing more than 5% on Monday. The increase was driven by U.S.-Iranian disagreements over the terms of an agreement and rising risks of attacks on oil facilities, which kept insurance costs high and limited oil flows. Additionally, Saudi Aramco postponed the restart of the Jazan refinery to August 30 due to Houthi attacks, amid ongoing concerns about shipping restrictions and their impact on global oil markets.
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