PRECIOUS METALS | Brent Crude Heads Toward $100 as Iran and Oman Near Strait Deal

Oil prices are nearing $100 a barrel as traders closely watch the details of a deal between Iran and Oman on managing traffic through the Strait of Hormuz. According to Sina Finance, Brent crude futures rose 1.6% over the past two trading days, while WTI climbed above $92 a barrel. Iran said the agreement is close and would include a temporary safe route for ships passing through the Strait of Hormuz, raising questions about how the United States would respond. Tehran warned that vessels near Oman face attack risks. Over the past week, renewed conflict between the United States and Iran has pushed oil higher on concerns about deeper disruption to traffic through the strait. Brent has surged more than 30% since the conflict broke out in late February, though it remains well below the $126-a-barrel high reached at the end of April. Macquarie Group said on Monday that, based on discussions with clients, about 7 million barrels a day of crude oil and refined products are currently moving through the Strait of Hormuz. Before the war, that figure was about 20 million barrels a day. Brent November futures were little changed at $96.96 a barrel, while WTI October futures rose 0.9% from Friday's close to $92.33 a barrel. The U.S. market was closed on Monday for a holiday.