The price of Brent North Sea crude, the main international oil contract, climbed above $90 on Tuesday as hopes that the United States and Iran reach a deal to end the war fade.
Brent reached $90.02 a barrel, a gain of more than 2.5 percent from Monday, while the main US contract, West Texas Intermediate, jumped 2.7 percent to $84.32 a barrel.
Crude has surged more than 10 percent over the past week, with the US and Iran appearing no closer to a deal on the Strait of Hormuz despite optimistic comments from the Washington earlier in the month.
In the latest blow, Donald Trump said Monday he would seek conflict compensation from Iran as part of any peace negotiations, responding to Tehran’s own demand for US war reparations as a condition to any deal.
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