🔺 Oil prices rise as negotiations hit a deadlock

🔺 Oil prices rise as negotiations hit a deadlock

◾ Oil prices on Tuesday rose after talks between the United States and the Islamic Republic of Iran over a peace deal and the reopening of the Strait of Hormuz reached a deadlock.

◾ Brent futures rose to $88, while U.S. oil reached $82.45, the highest level since August 9. Both benchmarks n,akfi had risen by about 5%.

◾ In response to the conditions set by the Islamic Republic, Donald Trump demanded compensation from the government. He also said that the U.S. Navy has cleared the Strait of Hormuz of mines and has “100%” control of this waterway.

◾ The Islamic Republic says the strait will remain closed until the United States accepts its demands, including the lifting of the naval blockade and the removal of sanctions on the oil industry.