Oil prices climb as Iranian demands cloud outlook for Strait of Hormuz

Brent crude prices rise as Tehran says critical waterway will not reopen without major US concessions.

Iran's Revolutionary Guard insisted that the Strait of Hormuz will remain closed until the U.S. complies with a list of demands, including paying for war damage. Imtiaz Tyab reports on the latest in a series of mixed messages from the regime.

Iran's politburo-like body known as the Supreme National Security Council said the Strait of Hormuz will not open until the U.S. “corrects its behavior.”

Welcome back to the City AM liveblog. New tensions in the Strait of Hormuz this morning are leaving markets on edge and handing a blow to earlier optimism around a peace deal between the US and Iran. Oil is moving higher, reversing some of the drawback from the beginning of this week, after an attack…