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Crude oil rose above $83 per barrel on Tuesday, extending gains for a fourth consecutive session as hopes for a US-Iran agreement to fully reopen the Strait of Hormuz continued to fade. President Donald Trump introduced new demands on Tehran, further complicating negotiations over the strategic waterway. Trump said that Iran would be required to provide compensation for people it has killed in conflicts as part of future negotiations, following Tehran’s own calls for reparations related to the war. Meanwhile, a spokesperson for Qatar’s foreign ministry said negotiations between Oman and Iran were at an advanced stage, offering some hope of progress toward an agreement. Oil prices were also supported by concerns over US inventories, with the latest data showing that crude stocks held in the Strategic Petroleum Reserve had fallen to their lowest level in more than four decades.
