Despite the U.S. president’s prior statements about the Strait of Hormuz, the key waterway is not open. Economic analyst Rana Foorohar looks at the effect on oil prices as Iran ties movement in the strait to the United States ending its blockade on Iranian ports.

Oil futures rose after Iran set out tough demands on the U.S. for reopening the Strait of Hormuz while continuing talks with Oman on shipping through the waterway.

Commodity exchanges saw the oil price climb on fears a deal to end the standoff that has effectively closed the Hormuz Strait could be some time off.

Oil prices remain elevated after Iran said an imminent agreement with Oman to manage the Strait of Hormuz would not be enough to reopen the vital waterway, unless the US meets a list of conditions. Follow for live updates.

Repay Holdings expects full-year revenue in the range of $490 million to $500 million. This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock

(IHRT) on Monday reported a loss of $82.4 million in its second quarter.

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(TISI) on Monday reported a loss of $6.8 million in its second quarter.