Crude oil futures traded lower on Tuesday morning despite US President Donald Trump demanding compensation from Iran for the families of people killed in the recent conflict between the US and Iran. This follows a similar demand previously made by Iran.At 9.35 am on Tuesday, October Brent oil futures were at $87.59, down by 0.15 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $82.05, down by 0.10 per cent. August crude oil futures were trading at ₹7,833 on the Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday, against the previous close of ₹7803, up by 0.38 per cent, and September futures were trading at ₹7,754 against the previous close of ₹7725, up by 0.38 per cent.In a post on Truth Social, Trump said: “I see that Representatives of the Islamic Republic of Iran are asking for compensation for the damage done to them during the last five-month Military Conflict (started because, THEY WILL NOT HAVE A NUCLEAR WEAPON), even though it was never mentioned in any of our negotiations or meetings! But it is an interesting idea because now I am likewise demanding compensation from Iran, for all of the people that they have killed and gravely wounded with their roadside bombs and many conflicts, for which they are famous, as led initially by General Soleimani, including the families of those killed on the USS Cole, and thousands of others killed in combat.“Additionally, compensation should be paid to the families of the hundreds of thousands of innocent protestors that Iran has killed over the last 50 years, not to mention the 52,000 that have been killed in the last five months. I have instructed my representatives to put this firmly into any, and all, future negotiations.”In another port, he said: “Also, with respect to the Iran negotiations, Iran should be responsible for the damages and death caused to the people of Lebanon, Syria, Yemen, and Gaza!”In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said current rhetoric suggests any potential deal is still some way off, meaning risks remain skewed to the upside for oil prices.Oil continues to move through the Strait of Hormuz even as disruptions persist, underscoring the market’s ability to keep flows moving despite periodic turbulence.Quoting reports, they said Iraq’s state oil marketing company’s oil shipments are around 2 million barrels a day in August. If this is the case, a number of vessels would be navigating the strait with transponders turned off, given that the observed tanker crossings are minimal. Prior to the war, Iraq was exporting around 3.4 million barrels of oil a day through the Strait of Hormuz.Published on August 11, 2026