Oil prices rose again on Tuesday (11/8), driven by a fresh wave of market concerns over a prolonged blockade of the Strait of Hormuz, as the demands put forward by Iran and the United States remain fundamentally incompatible.
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Oil prices rise again amid uncertainty over the US, Iran, and the Strait of Hormuz
In more detail, the price of North Sea Brent crude for October delivery was up 2.55% at $89.96 per barrel around 12:00 noon Greek time, having briefly climbed to $90.02 per barrel at around 11:30 AM — momentarily breaching the key $90 threshold.
Its American counterpart, WTI crude for September delivery, was also up 2.91%, trading at $84.52 per barrel.
It is worth noting that oil had already started the week on a strong footing on Monday, driven by the conditions Tehran has set for reopening the Strait of Hormuz — a strategically vital maritime corridor for global hydrocarbon trade — conditions that appear unlikely to be accepted by the United States.
Tensions escalate: Trump’s message
As Donald Trump wrote, Iran is “demanding reparations for damages sustained during five months of military conflict, even though this was never mentioned in any of our negotiations or meetings.” He went on to add: “But it’s an interesting idea, because in the same way, I am also seeking compensation from Iran for all the people who were killed or wounded” in attacks and “conflicts” — including “the families of those killed aboard the USS Cole,” the American warship struck in a deadly attack in Yemen in 2000.
