{"id":18199,"date":"2026-08-11T12:40:09","date_gmt":"2026-08-11T00:40:09","guid":{"rendered":"https:\/\/thebuzz.apnanetwork.co.nz\/?p=18199"},"modified":"2026-08-11T12:40:09","modified_gmt":"2026-08-11T00:40:09","slug":"oil-climbs-5-as-iran-us-both-demand-compensation-and-hormuz-hopes-fade","status":"publish","type":"post","link":"https:\/\/thebuzz.apnanetwork.co.nz\/?p=18199","title":{"rendered":"Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade"},"content":{"rendered":"<div class=\"font-serif-text leading-normal [&amp;_li&gt;ol.list]:!mt-4 [&amp;_li&gt;ol.list]:!pb-0 [&amp;_li&gt;ul.list]:!mt-4 [&amp;_li&gt;ul.list]:!pb-0 [&amp;_li]:!mb-8 [&amp;_ol]:pb-4 [&amp;_ul]:pb-4\">\n<ul class=\"list [&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">\n<li class=\"\"><strong class=\"font-serif-text-medium\">Iran says it is nearing agreement on Strait of Hormuz shipping lanes with Oman<\/strong><\/li>\n<li class=\"\"><strong class=\"font-serif-text-medium\">US would have to meet certain conditions before strait is reopened, Tehran says<\/strong><\/li>\n<li class=\"\"><strong class=\"font-serif-text-medium\">Trump says he will demand that Iran pay compensation<\/strong><\/li>\n<li class=\"\"><strong class=\"font-serif-text-medium\">Brent, WTI benchmarks fell more than 7 percent last week<\/strong><\/li>\n<\/ul>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Oil prices have settled 5 percent higher after Iran and the United States traded demands for compensation, dimming prospects for a deal to reopen the Strait of Hormuz.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Iran also said the US must lift sanctions on Tehran, and meet a number of other conditions for reopening the vital waterway, while US President Donald Trump said Iran must pay compensation for &#8220;all of the people that they have killed and gravely wounded&#8221;.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Brent crude futures LCOc1 settled up US$4.17, or 4.99 percent, at US$87.72 a barrel, while US West Texas Intermediate crude futures CLc1 closed $3.95, or 5.05 percent, at US$82.13.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">The percentage gains were the highest since 29 July on both contracts. Both benchmarks fell more than 7 percent last week on hopes that Iran and Oman were close to reaching a deal that would result in a reopening of the strait, which carried a fifth of the world&#8217;s oil and liquefied natural gas before the start of the Middle East conflict in late February.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Iran said it was nearing a final pact with Oman to define new shipping lanes through the strait but repeated that the US must meet other conditions, including compensation and an end to sanctions and military threats before the strategic waterway is reopened.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Iran and the US are not currently engaged in talks. Tehran will not start them while Washington is in breach of an interim deal signed in June, Iranian Foreign Minister Abbas Araqchi said on Sunday (local time).<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;Crude futures (are) seeing gains in the early trade as the US\/Iran peace deal looks to be delayed along with further strikes from Ukraine hitting Russian refineries and tankers in the Black Sea,&#8221; said Dennis Kissler, senior vice president of trading at BOK Financial.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">&#8220;With Iran making the added demands, most traders feel near term, tighter supplies are more probable for longer,&#8221; Kissler added.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">In a further threat to supply, the Iran-aligned Houthis said they had struck Saudi Aramco&#8217;s 2222.SEJazan refinery on Sunday. Saudi Aramco has postponed the restart of the 400,000-barrel-per-day refinery to August 30 after two Houthi attacks in recent weeks, according to an alert from industry monitor IIR that was seen by Reuters.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">The latest attack happened two days after the kingdom signed a defence pact with Sunni Muslim allies Turkey and Pakistan in response to growing regional instability from the US-Israeli war with Iran.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">ADNOC, a state-owned oil company in the United Arab Emirates, said on Friday that 15 of its vessels had been attacked while transiting the Strait of Hormuz since the beginning of the conflict.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">Meanwhile, Ukraine&#8217;s military continued to attack Russia&#8217;s energy infrastructure. Ukrainian strikes hit the Taneco oil refinery in Tatarstan and the ZapSibNeftekhim petrochemical plant in Russia&#8217;s Tyumen region.<\/p>\n<\/div>\n<div class=\"font-serif-text mb-12 leading-normal\">\n<p class=\"[&amp;_em]:font-serif-text-italic [&amp;_cite]:font-serif-text-italic\">On the US supply side, stocks of crude oil in the US Strategic Petroleum Reserve fell by about 6.1 million barrels to 298.7m barrels last week, the lowest level since January 1983, according to data from the Department of Energy.<\/p>\n<p>Source: Reuters &amp; RNZ<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Iran says it is nearing agreement on Strait of Hormuz shipping lanes with Oman US would have to meet certain conditions before strait is reopened, Tehran says Trump says he will demand that Iran pay compensation Brent, WTI benchmarks fell more than 7 percent last week Oil prices have settled 5 percent higher after Iran [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":18200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[],"class_list":["post-18199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/18199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18199"}],"version-history":[{"count":1,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/18199\/revisions"}],"predecessor-version":[{"id":18201,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/posts\/18199\/revisions\/18201"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=\/wp\/v2\/media\/18200"}],"wp:attachment":[{"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thebuzz.apnanetwork.co.nz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}