India, Aug. 11 -- Oil prices held on to their weekly gains on Tuesday as uncertainty over the reopening of the Strait of Hormuz increased amid stalled US-Iran negotiations. WTI crude was up 0.09% at $82.22 a barrel, while Brent crude stood at $87.80 a barrel around 7:20 am IST. Both benchmarks had gained more than 5% in the previous session, reaching their highest levels since July 31. The latest gains came after US President Donald Trump rejected Iran's conditions for a peace agreement and demanded compensation from Tehran.

Why Are Oil Prices Rising Today?

Hopes of a quick agreement between the US and Iran to end the conflict and reopen the Strait of Hormuz have weakened. Trump said the US had control of the strategic waterway and had ...