With continued uncertainty over talks between the Islamic Republic and Oman and dwindling hopes for the quick reopening of the Strait of Hormuz, oil prices rose again, and Brent crude moved close to $87 per barrel. Houthi attacks backed by Tehran and continued disruptions to ship traffic also added to concerns in global energy markets.

The Islamic Republic has said that a full reopening of the Strait of Hormuz depends on the end of the United States’ blockade of Iran’s shipping, payment of compensation, and acceptance of other conditions set by Tehran. Donald Trump, the U.S. president, rejected these demands and said the Islamic Republic should pay compensation for Americans killed and injured.

At the same time, an attack on an oil tanker in the Strait of Hormuz and the Houthis’ attack on Saudi Arabia’s Jazan refinery increased prices for diesel and natural gas in Europe. Analysts say that as long as ship traffic through the Strait of Hormuz does not return to normal, geopolitical risk will continue to support oil prices. Also, a Fox News report shows that U.S. strategic oil reserves have fallen to their lowest level since 1983.