International crude oil prices rise after Trump demand for compensation
New Delhi, Aug 11: Prices of international crude oil rose today to the highest levels in more than a week against the backdrop of reduced hopes of an early end to the war in West Asia as US President Donald Trump raised the bar for a deal by demanding compensation for the damage incurred by America during the war.
Brent crude traded at around $90 per barrel, rising 0.4% while US crude rose to $82.52 a barrel – the highest levels since 31 July for both global benchmarks.
The prices rose against the backdrop of Trump’s demand in response to Iran’s demands for compensation and an end to sanctions and military threats, before it restarts talks with the US.
Those conditions largely reflect the terms of the MoU signed by both sides in June, which has since been rendered useless.
Reopening of the Strait of Hormuz, the key maritime channel for passage of much of international fuel, remains the most contentious issue between Iran and the US.
Iran, which has a vast coastline with the Strait of Hormuz, has said it will charge every commercial ship passing through the maritime channel, which the US rejects.
The strait has effectively been closed for months, after the US and Israel started attacking Tehran on February 28. (BVI)
