Oil prices have jumped over 4 per cent after Iran and the US traded demands for compensation, dimming prospects for a deal to reopen the Strait of Hormuz, Reuters reports.
Iran also said the US must lift sanctions on Tehran, and meet a number of other conditions for reopening the vital waterway, while US President Donald Trump said Iran must pay compensation for “all of the people that they have killed and gravely wounded”.
Brent crude futures were up $3.57, or 4.3pc, at $87.13 a barrel by 01:17pm EDT (10:17pm PKT). US West Texas Intermediate crude futures were up $3.36, or 4.3pc, at $81.51.