Amid continued uncertainty over the situation in the Strait of Hormuz and Iran-US negotiations, oil prices held above $78 per barrel in global markets after a 5% surge.
Al Jazeera reported early Tuesday, August 11, that oil prices remained at their highest level in more than a week.
According to the report, Iran’s announcement of its conditions for an agreement with the United States, along with US President Donald Trump’s response to those conditions, contributed to the rise in oil prices.
However, Brent crude had settled at $87.81 per barrel by early Tuesday Greenwich Mean Time, while US West Texas Intermediate (WTI) crude stood at $82.20 per barrel.
This comes as Trump’s remarks and Iran’s demand for war compensation have reduced hopes of reaching an agreement to end the war and reopen the Strait of Hormuz.
