Oil prices jump further as hopes for Hormuz deal fade
Oil prices extended a strong rally on Aug. 11 as hopes for a reopening of the Strait of Hormuz fade, fanning fresh inflation fears and ramping up bets on at least one U.S. interest rate hike this year.
Crude has surged around 10 percent over the past week, with the United States and Iran appearing no closer to a deal on the crucial waterway despite upbeat comments from the White House earlier in the month.
In the latest blow, Donald Trump said on Aug. 10 he would seek conflict compensation from Iran as part of any peace negotiations, citing attacks and killings stretching back decades allegedly backed or perpetrated by Tehran.
The U.S. president's announcement was a direct response to Tehran's demand for U.S. war reparations as a precondition to any resolution of the crisis.
