Crude Oil Soars As Strait Of Hormuz Remains Closed Amid U.S.-Iran Standoff On Reparation Costs

India, Aug. 11 -- Crude oil prices have surged on Tuesday, extending the gains from the two previous sessions as the U.S.-Iran stalemate over new demands for compensation for war-related damages continued, diminishing the expectations of an early reopening of the Strait of Hormuz.

WTI Crude Oil for September month delivery was last seen trading up by $0.89 (or 1.08%) at $83.02 per barrel.

Days before, after announcing that negotiations on sharing the authority to control the management of the shipping traffic across the Strait of Hormuz are in the final stages, Iran suddenly laid out a list of demands to the U.S.

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