India, Aug. 11 -- Global oil prices surged roughly 5% on Monday, August 10, 2026, after U.S. President Donald Trump countered Iran's terms to reopen the Strait of Hormuz by demanding compensation for 50 years of damages, casualties from regional conflicts, and deaths in crackdowns on domestic protests. Brent crude rose to $87.72 a barrel, while WTI hit $82.13.

Oil Prices Edge Higher Amid Reopening of Strait of Hormuz

Global oil prices surged by roughly 5%, with Brent crude hitting $88.00 per barrel and US crude climbing to $82.45, after US President Donald Trump countered Iran's peace deal conditions with extensive new financial demands.

The rhetorical escalation has severely stalled bilateral negotiations mediated by Oman, dimming pre...