Brent, the benchmark for two thirds of the world’s oil, was up 2.6 per cent to $90 a barrel at 1.16pm UAE time. EPAShow caption: Brent, the benchmark for two thirds of the world’s oil, was …Prices rise to highest level in more than week after Trump demands compensation from Iran
Brent crude rose 2.51 per cent to $89.92 a barrel after hopes for a US-Iran deal to reopen the Strait of Hormuz faded.
President Donald Trump demanded compensation from Iran for casualties linked to Iranian-backed conflicts, complicating ongoing diplomatic negotiations.
Hormuz shipping traffic fell to just six vessels on Tuesday, well below the 10-day average of approximately 11, keeping global energy supplies at risk.
Iran set six new conditions for reopening the strait, including lifting a maritime blockade on its crude and withdrawal of US naval and air forces.
