Live Updates: Trump says U.S. only "semi-negotiating" with Iran after Tehran sets demands to reopen Strait of Hormuz - CBS News
Oil prices continue to climb as diplomatic efforts to reopen the Strait of Hormuz stall, leading to increased concerns over inflation and potential U.S. interest rate hikes. President Trump has signaled a tough stance, demanding compensation from Iran as part of any potential negotiations.
Why it matters
The weaponization of oil supply routes poses a significant risk to global energy prices and could force central banks to tighten monetary policy.
Follow the latest updates on the war in the Middle East for Tuesday, Aug. 11, here. See earlier coverage is below.
Oil prices extended a strong rally Tuesday as hopes for a reopening of the Strait of Hormuz faded, fanning fresh inflation fears and ramping up bets on at least one U.S. interest rate hike this year.
Crude has surged more than 10% over the past week, with the United States and Iran appearing no closer to a deal on the crucial waterway despite upbeat comments from the White House earlier in the month.
In the latest blow to a possible ceasefire, President Trump said Monday he would seek compensation from Iran for damage caused by the conflict as part of any peace negotiations, citing attacks and killings stretching back decades allegedly backed or perpetrated by Tehran.
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