🔸Oil prices on Monday, 19 Mordad, after the issue of compensation payments between Iran and the United States was raised and hopes of reopening the Strait of Hormuz faded, increased by about 5%.

🔸Iran has said that the United States must lift the sanctions imposed on Tehran and also accept several other conditions for reopening this vital waterway. In response, Donald Trump, the U.S. president, said that Iran must pay compensation for “all those it has killed or severely injured.”

🔸At the close of trading, the price of a barrel of Brent crude rose by $4.17, equivalent to 4.99%, to $87.72. West Texas Intermediate crude also rose by $3.95, equivalent to 5.05%, to close at $82.13 per barrel.

🔸The percentage increase for both oil benchmarks was the highest since Mordad 7.

🔸Both oil benchmarks had fallen by more than 7% last week; as hopes increased that Iran and Oman were close to an agreement that could have led to the reopening of the Strait of Hormuz.