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Oil rises toward $90 as Trump toughens Iran demands
Brent is about 13% higher than a week ago as the Strait of Hormuz shipping deal outlook dims.
Oil prices extended their rebound toward $90 a barrel after President Donald Trump set new, wide-ranging demands on Iran that further cloud prospects for an agreement to reopen shipping through the Strait of Hormuz. Brent was up about 13% from a week ago, as the negotiations outlook deteriorated. LiveMint Markets reports that Trump said compensation demands from Iran for people killed in conflicts would be included in any, and all, future negotiations. The hardening stance makes a pact less likely to restore shipping through the chokepoint, which was cited as accounting for about a fifth of global oil and gas flows before the Feb end of February war began. The article notes that Middle East-driven volatility has whipsawed oil trading in recent months, with fuel prices rising more sharply as conditions worsened. Diesel has been particularly affected, and benchmark European prices have more than doubled this year, alongside supply strains tied to the Russia-Ukraine war. Beyond the region, the report cites operational disruption risk from fires at Russian refineries, including a reported fire at Rosneft’s Komsomolsk oil refinery that the company said did not halt operations. It also points to attacks in Libya and notes that Iran-backed Houthi threats have spread to the Red Sea route, prompting Saudi Aramco to delay a restart of its Jazan refinery to late August after an attack claimed by the rebel group.
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Latest closeBrent $87.85 ▲5.2%