Oil prices jump over 4% as Iran-US disputes cloud Hormuz reopening hopes

TEHRAN, Iran — Oil prices rose more than 4% on Monday after Iran and the United States exchanged compensation demands, dimming expectations of a swift reopening of the Strait of Hormuz, a critical maritime chokepoint for global energy shipments. Iran said the United States must lift sanctions imposed on Tehran and meet other conditions before the strait can be reopened. US President Donald Trump responded that Iran must pay compensation for "all of the people they killed or badly wounded." Earlier in the session, uncertainty over a timeline for the strait's reopening and whether a deal could be reached to ensure the safe resumption of traffic pushed prices higher. Brent crude futures gained 91 cents to $84.46 a barrel. US West Texas Intermediate crude added 61 cents to reach $78.79 a barrel.