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.

LONDON, Aug 10 : Oil prices jumped almost 2 per cent on Monday after Iran insisted that the United States must satisfy several demands before the Strait of Hormuz can reopen.…

Oil prices climbed Monday as Strait of Hormuz reopening remained uncertain. Iran stated a deal with Oman was nearing completion for new shipping lanes. Attacks on Saudi and UAE…