🔻Oil prices rose on Tuesday and after Trump refused Iran’s conditions for reopening the Strait of Hormuz in exchange for requesting compensation from Tehran.

Brent crude reached $88 per barrel, while U.S. crude, after rising 5% on Monday, reached $82.45, the highest level for both benchmarks in the past 11 days.

Market analysts believe this rise in oil prices reflects growing despair about reopening the Strait of Hormuz and a return to the situation that existed before the start of the U.S.-Israel war with Iran. 📸GettyImages