Oil prices rose Tuesday after a senior Iranian official said the Strait of Hormuz will not reopen until Tehran’s conditions are met by Washington.
U.S. West Texas Intermediate futures
gained 1.3% to close at $83.20 per barrel. Brent crude
, the international benchmark, advanced 1.36% to settle at $88.91 per barrel. Prices have gained more than 6% this week as hopes fade for a deal to increase ship traffic through Hormuz.
The Secretary of Iran’s Supreme National Security Council, Mohsen Rezaei, demanded the U.S. unfreeze Iranian funds held overseas as condition for Hormuz to open, according to Reuters.
The oil market was weighing conflicting signals Tuesday about whether the U.S. and Iran were on the verge of a deal.
Pakistan’s Defense Minister Khawaja Asif told Bloomberg News that “things are shaping up again in favor of a peace arrangement or a deal.” Islamabad mediated the interim U.S.-Iran deal in June that quickly collapsed and led to renewed fighting in Hormuz.
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