Oil prices steady near one-week high as Brent holds at $87.81

Oil prices held steady today at their highest levels in more than a week, as hopes for an agreement between the United States and Iran to end their conflict and reopen the Strait of Hormuz faded after the US president demanded compensation for damages suffered by his country.

Brent crude futures settled at $87.81 per barrel, while US West Texas Intermediate futures held at $82.20.

Both benchmarks rose more than 5 percent on Monday to their highest levels since July 31, after the US president responded to Iran's conditions for a deal by demanding that Tehran pay compensation for deaths from wars, attacks, and protests—a move likely to complicate efforts to reopen the Strait of Hormuz.

According to Reuters, Tim Waterer, chief market analyst at KCM Trade, said, "There appears to be a gap between the United States and Iran over the actual shape of any agreement," adding that, "As a result, some of the optimism that formed last week is fading, giving oil prices a clear buying tone."