Summary
- Oil prices jumped more than 4.5%, with WTI reaching $79.72 a barrel and Brent crude at $85.16 a barrel.
- Iran said talks were deadlocked as it demanded the lifting of sanctions on Iran and the unfreezing of Iranian assets among conditions for fully reopening the Strait of Hormuz.
- Concerns over oil supply disruptions persisted as no agreement was reached on fully reopening the Strait of Hormuz and Yemen's Houthi rebels claimed a drone attack on Saudi Aramco refining facilities.
Oil prices jumped more than 4.5% amid reports that negotiations over a full reopening of the Strait of Hormuz remained deadlocked after Iran presented conditions for restoring access.
Crypto-focused media outlet BlockBeats reported on Aug. 10 that West Texas Intermediate crude rose more than 4.5% to $79.72 a barrel, while Brent crude climbed to $85.16 a barrel.
Iran is said to have demanded an end to the U.S. maritime blockade, the withdrawal of U.S. naval and air forces from around Iran, compensation for damage from the recent conflict, the lifting of sanctions on Iran, and the unconditional unfreezing of Iranian assets as conditions for fully reopening the Strait of Hormuz.
Iran had earlier indicated the strait would not return to its prewar operating arrangements. Ali Nikzad, deputy speaker of Iran's parliament, said there was no military solution to reopening the Strait of Hormuz and that only shipping routes agreed by Iran and Oman would be recognized.
Iran and Oman have reportedly made some progress in talks on establishing safe shipping lanes through the strait. But they have yet to reach an agreement on a full reopening, sustaining concerns over potential oil supply disruptions.
Separately, Yemen's Houthi rebels claimed they had carried out a drone attack on Saudi Aramco refining facilities, fueling additional concern over Middle East energy infrastructure.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.