Oil steadies near one-week highs as US-Iran peace deal hopes dim
XLE•Oil prices hold near one-week highs
Oil prices steadied on Tuesday at more than one-week highs amid fading hopes of a deal between the U.S. and Iran to end their war and reopen the Strait of Hormuz, after President Donald Trump demanded compensation for damage the U.S. has incurred.
Brent crude futures LCOc1 fell 10 cents, or 0.11%, to $87.62 a barrel by 0405 GMT, while U.S. West Texas Intermediate crude futures CLc1 were down 5 cents, or 0.06%, to $82.08 a barrel.
Both benchmarks rose more than 5% on Monday to their highest since July 31, after Trump responded to Iran's conditions for a peace deal with his own demands that Iran pay compensation for people killed in wars, attacks and protests, which is likely to complicate efforts to reopen the Strait of Hormuz.
