Oil prices surged 5% on Monday, driven by market concerns over divergent conditions set by the United States and Iran for unblocking the Strait of Hormuz. The oil market, which last week was betting on an agreement between the parties, is now worried about the diplomatic stalemate. Oil prices surged 5% on Monday, driven by market concerns over the divergent terms set by the United States and Iran for reopening the Strait of Hormuz. President Donald Trump declared on Monday that the United States will demand “compensation” for attacks carried out by Iran dating back decades. But this new announcement makes a quick agreement on the Strait of Hormuz even less likely, as Iran demands Washington’s acceptance of “all” of its conditions.