Washington, Aug. 11 -- Oil prices extended their strong rally today as hopes of a reopening of the Strait of Hormuz faded, stoking fresh inflation concerns and increasing expectations of at least one US interest rate hike this year.
Crude prices have risen more than 10 per cent over the past week, with the US and Iran appearing no closer to reaching an agreement on the crucial waterway despite upbeat comments from the White House earlier this month.
Both major crude contracts rose by about 5 pc on Monday and gained more than 2 pc today, with Brent Crude edging back towards USD $90 a barrel.
The latest setback came after President Donald Trump said on Monday that he would seek compensation from Iran for damage caused by the conflict as pa...