Oil prices rise, Asia stocks drift amid US-Iran stalemate

Oil prices rose on Tuesday as negotiations between the US and Iran over a peace deal and the ​reopening of the Strait of Hormuz hit an impasse, while Asian shares drifted on protracted uncertainty over the global inflation outlook. US President ‌Donald Trump on Monday responded to Iran’s conditions for a peace deal with his own demands that Iran pay compensation for people killed in wars, attacks and protests, in a rhetorical escalation likely to complicate efforts to reopen the crucial waterway. Brent crude futures edged up to hit $88.00 per barrel and US crude futures ticked up to $82.45, both the highest levels since July ​31, after the contracts rallied roughly 5% on Monday.