News

Oil Holds Decline as Traders See Progress Toward Iranian Deal

Bloomberg.com · last updated

Oil advanced after slumping by more than 7% on Monday, as reports of fresh military strikes in Iran clouded the outlook for an interim deal between Tehran and Washington to reopen the Strait of Hormuz.

Brent rose toward $98 a barrel, while West Texas Intermediate was near $91. US forces struck missile-launch sites and boats trying to emplace mines, the New York Times reported, citing a statement from US Central Command. Loud explosions were heard around the strait, near the coastal cities of Sirik and Jask, Iran’s semi-official Fars News Agency reported.