Oil prices rose significantly as Iran and the United States exchanged compensation demands. Prospects for reopening the Strait of Hormuz dimmed due to these escalating tensions. Ukraine continued to strike Russian refineries and tankers, further impacting supply. Saudi Aramco postponed a refinery restart after recent Houthi attacks. US Strategic Petroleum Reserve stocks reached their lowest level since 1983.

HOUSTON, Aug 10 : Oil prices jumped 3 per cent on Monday after Iran said the U.S. must lift sanctions on Tehran, pay reparations and meet a number of other conditions before the…

HOUSTON, Aug 10 : Oil prices jumped over 4 per cent on Monday after Iran and the United States traded demands for compensation, dimming prospects for a deal to reopen the Strait…

Oil prices rose significantly as Iran and the United States exchanged compensation demands. Prospects for reopening the Strait of Hormuz dimmed due to these escalating tensions.…