Oil steadies near one-week highs as US-Iran peace deal hopes dim
Oil steadied on Tuesday at more than one-week highs amid fading hopes of a deal between the U.S. and Iran to end their war and reopen the Strait of Hormuz, after President Donald Trump demanded compensation for damage the U.S. has incurred. Brent crude futures were flat at $87.81 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude futures held at $82.20 a barrel.
Both benchmarks rose more than 5% on Monday to their highest since July 31. Trump responded to Iran's conditions for a peace deal with his own demands that Iran pay compensation for people killed in wars, attacks, and protests. He later added that the U.S. had control of the strait and had swept the strategic oil waterway for Iranian mines. Tim Waterer, chief market analyst at KCM Trade, stated, "There appears to be a gulf, no pun intended, between the U.S. and Iran over what any agreement would actually look like." Saudi Aramco has postponed the restart of its 400,000-barrel-per-day Jazan refinery to August 30 after the Houthis claimed two attacks on the plant on Sunday. Waterer also noted that "The chokehold risk around both the Strait of Hormuz and the Bab el-Mandeb remains highly significant." Analysts at Barclays said that in the week ending August 7, crude oil and refined product net exports through the Strait of Hormuz averaged 3 million.
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Oil prices are holding steady at over one-week highs as hopes for a U.S.-Iran peace deal diminish. This situation could have significant
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