The price of Brent crude, the main international oil contract, rose above $90 a barrel on Tuesday as expectations for a US-Iran deal to end the war faded. Brent reached $90.02, up more than 2.5 percent from Monday. The main US contract, West Texas Intermediate, jumped 2.7 percent to $84.32 a barrel.
Crude has surged more than 10 percent over the past week, with the US and Iran appearing no closer to an agreement over the Strait of Hormuz despite optimistic comments from Washington earlier this month.
On Monday, US President Donald Trump said he would seek conflict compensation from Iran as part of any peace negotiations, responding to Tehran's demand for US war reparations as a condition for a deal.