International oil prices rose on Tuesday after talks between Iran and the United States over reopening the Strait of Hormuz reached an impasse. Efforts to restore traffic through the important waterway were further complicated by a hard-line position from US President Donald Trump, according to the report published on August 11, 2026.

Iran presented its conditions for reopening the strait, while Trump responded by demanding that Iran provide compensation for casualties from past wars, attacks and protests. The opposing demands increased tensions between the two countries and made the prospect of quickly reopening one of the world’s key energy transport routes uncertain.

Brent crude rose to about $88 a barrel on Tuesday, while US West Texas Intermediate crude reached $82.45 a barrel. Both benchmarks were at their highest levels since July 31, following an increase of nearly 5 percent on Monday. The report said a prolonged disruption in the Strait of Hormuz could place further pressure on global oil supplies and prices because substantial volumes of energy are transported through the route.