New Delhi, Aug. 11 -- Oil prices rose more than two per cent on Tuesday as hopes of a near-term US-Iran peace deal weakened amid US President Donald Trump's remarks that Washington would seek reparations from Tehran and that the US Navy has "100 per cent control" over the Strait of Hormuz.

At the time of reporting, Brent crude was trading at USD 89.806 per barrel, up 2.1 per cent, while US crude was at USD 84.386 per barrel, up 2.3 per cent.

The rise in oil prices came after Trump said Iran should pay for damages he claimed it had caused over the past 50 years, while asserting that the US Navy currently controls the Strait of Hormuz.

"The only one that has control of the Strait of Hormuz right now is the United States Navy," Trump told...