Oil prices rose on Monday amid fading expectations for the imminent reopening of the Strait of Hormuz. U.S. President Donald Trump demanded compensation from Iran for the loss of lives that, according to him, the country had caused during wars, attacks, and protests.
About one-fifth of global oil and gas supplies typically pass through the Strait of Hormuz. The waterway has been under threat since the war with Iran began in late February.
Oil prices also found support as the price spread between WTI and Brent crude widened for the fourth consecutive day. The widening of this spread bolstered prices by driving up export demand.
Survey data indicates that OPEC oil production increased in July. Member countries from the Persian Gulf restored supplies that had previously been halted due to the war with Iran and the effective closure of the strait.
According to the survey, 11 member countries of the Organization of the Petroleum Exporting Countries (OPEC) increased production by 1.17 million barrels per day compared to June, reaching 19.85 million barrels per day in July.
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