(Bloomberg) — Oil extended gains as traders watched for details of an Iranian deal with Oman to manage shipping through the Strait of Hormuz, which could tighten Tehran’s control over the crucial waterway. <\/p>\n
Most Read from Bloomberg <\/p>\n
West Texas Intermediate traded above $92 a barrel, while Brent crude settled at $97 on Monday. Iran said the accord is in its final stages and will include a temporary safe route through Hormuz, raising questions about how the US would respond after the American military struck Iranian tankers over the weekend. Tehran also warned that ships face the risk of attack near Oman. <\/p>\n
Renewed fighting between Iran and the US over the past week has ended a period of relative calm in the region, raising concerns about deeper disruptions to energy flows through Hormuz. Oil futures surged last week, and prices are up more than 30% since the war began at the end of February. <\/p>\n
Despite the heightened risks to shipping, some oil continues to trickle through the vital chokepoint. Last week, US Energy Secretary Chris Wright said about 8 million barrels a day on average is leaving the Persian Gulf. Tankers are often switching off their transponders to avoid detection. <\/p>\n
Separately, Saudi Aramco’s oil facilities in Jazan near the Red Sea came under fresh attack on Monday, though the strike did not cause major damage, according to people familiar with the matter. It was the latest in a series of attacks that have already forced a major refinery in the area to halt operations. <\/p>\n
Most Read from Bloomberg Businessweek <\/p>\n
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