Oil holds four-day gain amid new Trump demands on Iran
Oil prices held onto a four-day rally after U.S. President Donald Trump made new demands on Iran. Washington's tougher stance reduced the chances of a swift deal to reopen shipping through the Strait of Hormuz.
On the morning of August 11, Brent crude futures were trading near $88 a barrel, while U.S. WTI was above $82. During the previous session, Brent gained about 5%.
Trump said he would demand compensation from Iran for people who, he claimed, were killed or wounded as a result of Tehran's actions in various conflicts, terrorist attacks, and protest crackdowns. The U.S. president instructed his representatives to include this demand in future negotiations.
The statement followed Iran's own demand that the United States compensate for damages inflicted during the 2026 war and the June 2025 conflict. Tehran warned that the Omani-brokered shipping management arrangements would fall short of fully opening the Strait of Hormuz unless Washington meets Iran's conditions.
The exchange of new demands indicates that the U.S. and Iran have yet to inch closer to a compromise. Last week the sides showed optimism about a possible deal, but now the prospects of a rapid resumption of energy flows through the strait have worsened.
Trump also claims that U.S. forces have cleared the Strait of Hormuz of mines and control the waterway. At the same time, data from Kpler suggests that merchant vessel traffic intensity remains low and has declined further in recent days.
Since the start of 2026, oil has surged almost 45% because of the Middle East war, damaged energy infrastructure and supply disruptions. Oil product prices are rising even faster: European diesel quotations have more than doubled since the beginning of the year.
