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Oil rises as Iran tempers hopes for swift Hormuz reopening

channelnewsasia.com ·

Oil rises as Iran tempers hopes for swift Hormuz reopening

Oil prices surged nearly 5% on Monday after Iran and the United States clashed over compensation demands, casting doubt on a deal to reopen the Strait of Hormuz. Iran demanded that the U.S. lift sanctions and meet several other conditions before reopening the vital waterway, while President Donald Trump insisted Iran must pay compensation for all lives lost or severely harmed.

Brent crude futures climbed $4.17, or 4.99%, to $87.72 per barrel, and U.S. West Texas Intermediate crude futures rose $3.95, or 5.05%, to $82.13. Both benchmarks marked the steepest gains since July 29. In July, hopes had been high that Iran and Oman were nearing an agreement to reopen the strait, which transports about a fifth of global oil and liquefied natural gas.

However, Iran maintained that a final pact with Oman was imminent but reiterated that the U.S. needed to fulfill additional demands, including compensation and an end to sanctions and military threats. Iran and the U.S. are not currently engaged in talks, and Tehran has ruled out initiating discussions while Washington remains in breach of a June interim deal.

Analysts noted that the heightened tensions and potential supply disruptions could keep near-term oil prices elevated despite longer-term uncertainties.

Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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The eastern coastal regions and Jeju Island are expected to experience rain. The maximum perceived temperature is expected to reach around 33 degrees Celsius, bringing an end to the intense heatwave. However, the heatwave that has been affecting the country is expected to gradually subside. The Korea Meteorological Administration stated on the 23rd that "a low-pressure system that has developed in the East Sea will move eastward, bringing rain to the eastern coastal regions and Jeju Island." The rain will begin in the Gangwon-do and Gyeongbuk-do regions from around 9 am on the 23rd, and will then spread to the eastern coastal regions of Gangwon-do and Gyeongbuk-do, as well as Jeju Island. The expected amount of rainfall is 5-20 mm for the Gangwon-do and Gyeongbuk-do regions, and 10-30 mm for Jeju Island. The maximum temperature on the 23rd will reach 28-31 degrees Celsius in most regions, with the perceived temperature reaching around 33 degrees Celsius due to the humidity. The Korea Meteorological Administration stated that "although the heatwave will subside somewhat, the temperature will still be high, so we ask that you continue to take precautions against the heat." The heatwave warning that has been in effect for the Seoul metropolitan area, as well as the Gangwon-do and Chungcheong-do regions, will be lifted on the 23rd. However, heatwave warnings and advisories will still be in effect for some regions, including the North Jeolla-do and South Jeolla-do regions. The Korea Meteorological Administration predicted that "the heatwave will gradually subside as a cold front moves in from the north on the 24th." The temperature will drop significantly on the 24th, with the maximum temperature expected to reach 26-29 degrees Celsius. The Korea Meteorological Administration stated that "we will provide continuous updates on the weather forecast, and ask that you take necessary precautions against the heat and rain."

·hani.co.kr

Trump said on the 5th (local time) that he would respond to Iran with "a lock" but did not specify what that meant. It appears that the Trump administration intends to put more economic pressure on Iran rather than taking military action. In a tweet on the 5th, President Trump said, "The United States will respond to the attack by the Quds Force and other Iranian forces on Saudi Aramco facilities with a 'lock'," adding, "We are waiting for identification from Saudi Arabia." On the 14th of last month, there was an attack on Saudi Aramco's Abqaiq oil processing facility and the Khurais oil field in eastern Saudi Arabia. The US and Saudi Arabia have accused Iran of being behind the attack. At a press conference on the 4th, President Trump said, "The United States is prepared to defend our interests and our allies, but we will seek a peaceful solution." On the 3rd, the US Treasury Department announced that it had imposed sanctions on the Central Bank of Iran and other Iranian financial institutions. In a speech at the United Nations General Assembly on the 25th of last month, President Trump urged Iran to come to the negotiating table, saying, "The Iranian regime can either choose a path of meaningful diplomacy or more sanctions."

·hani.co.kr

Brazil Court Bars Bolsonaro Family Visit for Father’s Day

Brazil's top court denies Bolsonaro's Father's Day family visit request. Justice Moraes rules the request invalid as visits remain suspended.

  • Brazil Supreme Court bars Bolsonaro family visit for Father's Day.
  • Ruling on 8 August 2026 follows 30-day non-essential visit suspension.
  • Only medical staff, physiotherapists, and lawyers allowed to visit Bolsonaro.

·riotimesonline.com

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