Oil prices rise as Strait talks stall
Oil prices rose today to their highest levels in over a week, due to diminished optimism about reaching an agreement between the United States and Iran to stop the conflict and reopen the Strait of Hormuz. Brent contracts settled at $87.81 per barrel, while West Texas Intermediate stood at $82.20, after rising more than 5% on Monday. This upward movement followed Trump's response, which demanded compensation for deaths from wars and attacks, further complicating efforts to reopen the strait. Analysts also pointed to a decline in oil exports through the Strait of Hormuz from 4.4 million barrels per day to 3 million, as well as clarifications regarding U.S. control over the strait and the removal of Iranian mines.
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