Oil Gains 5% on Strait Deadlock
Oil prices remained steady with an increase of about 5% after Iran and the United States exchanged claims for compensation, which reduced the chances of reaching an agreement to reopen the Strait of Hormuz. Iran demanded the lifting of sanctions and the fulfillment of certain conditions, including compensations, before reopening the vital waterway through which one-fifth of the world's oil supplies pass. Meanwhile, Trump confirmed that Iran must pay compensation for the victims, and negotiations between the two sides are currently halted, amidst expectations that supply shortages will continue in the near future.
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