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

SINGAPORE: Oil prices rose on Tuesday (Aug 11) 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 US$88 per barrel and US crude futures ticked up to US$82.45, both the highest levels since Jul 31, after the contracts rallied roughly 5 per cent on Monday."We're now in a bit of a Mexican standoff, if you'd like, in terms of who blinks first," s