Crude prices rise after Iran sets demands and Trump seeks reparations, dimming prospects for a diplomatic resolution.
Brent crude climbed to $87.72 a barrel and West Texas Intermediate reached $82.13 as geopolitical risks escalated. Iran’s six conditions for peace and President Trump’s call for reparations reduced hopes for a near-term deal.
Prices had stabilized in recent weeks amid expectations of a potential easing in US-Iran tensions. The latest developments reverse that trend, with traders pricing in prolonged uncertainty in the Middle East.
Markets reacted swiftly, pushing oil benchmarks higher in early trading sessions.