The price of oil is close to 100 US dollars per barrel, and traders are closely watching the details of the agreement between Iran and Oman to manage navigation through the Strait of Hormuz. Brent crude oil futures rose 1.6% over the past two trading days, while the price of WTI crude oil stood at $92 per barrel. Iran said the agreement is about to be reached and will include a temporary safety route for ships through the Strait of Hormuz, raising questions about how the US will respond. Tehran warned that ships close to Oman would be at risk of attack. Since the conflict began in late February, Brent has surged more than 30%, although it is still far below the $126 per barrel high hit in late April. Brent's November contract did not change much, at $96.96 per barrel; WTI's October contract rose 0.9% from last Friday's closing price to $92.33 per barrel. The US market is closed on Mondays on holidays.

The price of oil is close to 100 US dollars per barrel, and traders are closely watching the details of the agreement between Iran and Oman to manage navigation through the Strait of Hormuz. Brent crude oil futures rose 1.6% over the past two trading days, while the price of WTI crude oil stood at $92 per barrel. Iran said the agreement is about to be reached and will include a temporary safety route for ships through the Strait of Hormuz, raising questions about how the US will respond. Tehran warned that ships close to Oman would be at risk of attack. Since the conflict began in late February, Brent has surged more than 30%, although it is still far below the $126 per barrel high hit in late April. Brent's November contract did not change much, at $96.96 per barrel; WTI's October contract rose 0.9% from last Friday's closing price to $92.33 per barrel. The US market is closed on Mondays on holidays.