Oil prices jump further as hopes for Hormuz deal fade

Oil prices held steady on Tuesday as optimism for a US-Iran resolution collapsed. West Texas Intermediate crude futures were up 0.09% to $82.22 per barrel, while Brent crude was up 0.21% at $87.80 per barrel. Both were up more than 5% the previous day, reaching their highest point since July. President Donald Trump's insistence that Iran compensate the US for past losses fueled the price surge.

In response, Iran raised its own conditions for reopening the Strait of Hormuz, demanding US sanctions removal and an end to military threats. While no formal talks are underway, Iran's intermediaries are reportedly working to restart negotiations with the US and Oman, though Tehran insists the waterway must meet US demands before it can reopen.

Tensions remain high, and oil markets continue to grapple with supply concerns despite the current price dip below earlier conflict peaks.