Stalled US-Iran negotiations push Brent crude to $88 per barrel

Brent crude oil futures rose to $88 per barrel on Tuesday morning, while US crude (WTI) climbed to $82.45. According to Sözcü newspaper, both contracts had gained approximately 5 percent the previous Monday.

The trigger for the price surge was US President Donald Trump's demand that Iran pay compensation for lives lost in wars and attacks. The move has made ongoing negotiations over reopening the Strait of Hormuz even more complex.

Approximately 20 percent of the world's daily oil trade passes through the strait; the risk of closure directly affects the cost of crude oil reaching Türkiye and feeds through to fuel prices at the pump.

IG analyst Tony Sycamore characterised the situation as a game of "who blinks first" and predicted that oil could fluctuate in the $75–95 range until concrete progress is made between the parties. US July inflation data due Wednesday is widely seen as the key directional signal.