Oil Holds Three-Day Gain as Trump Demands Cloud Hormuz Outlook

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Holds Three-Day Gain as Trump Demands Cloud Hormuz OutlookOil held a three-day gain after President Donald Trump made sweeping new demands on Iran, clouding the outlook for a deal to reopen the crucial Strait of Hormuz.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.txzek)9(}r7b7kxrzp218st9_media_dl_1.png NYMEX(Bloomberg) — Oil held a three-day gain after President Donald Trump made sweeping new demands on Iran, clouding the outlook for a deal to reopen the crucial Strait of Hormuz.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWest Texas Intermediate traded near $82 a barrel after closing 5.1% higher in the previous session. Brent settled below $88. Trump demanded compensation from Iran for all the people they have killed in conflicts after Tehran reiterated requests for reparations as part of talks to wind down the conflict.Trump said in a social media post that he will put the new demands “firmly into any, and all, future negotiations.” The hardening stance makes it unlikely that Tehran and Washington will be able to agree to any immediate pact that could help end the war and reopen Hormuz.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againIran and Oman have been negotiating a deal to reopen the waterway, although Tehran reiterated on Monday an accord would require the US to end its blockade and compensate for damages. About of a fifth of the world’s oil and liquefied natural gas was shipped through Hormuz to global markets prior to the war.“Given that the strait is still closed, global inventories have been reduced dramatically, and flows are nowhere near normal levels, we could see shorts cover aggressively,” said Bart Melek, global head of commodity strategy at TD Securities. “We continue to expect Brent to trade $10-15 above current levels.”Trump said on Monday that compensation for Iran “was never mentioned in any of our negotiations or meetings.” But a 14-point memorandum of understanding that Tehran and Washington agreed to in June detailed plans for the US and regional partners to develop a $300 billion fund for the “rehabilitation and economic development” of Iran after the war.The US president had signaled on Sunday that he was prepared to let economic pressure on Iran build, rather than launch fresh military strikes to force a reopening of Hormuz, where visible traffic remains at a trickle.About five vessels are transiting each day, far below the roughly 14 ships a day seen after the US and Iran reached a memorandum of understanding in June, Energy Aspects founder and director of market intelligence Amrita Sen said in an interview with Bloomberg Television on Monday.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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