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. 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 Bloomberg Terminal that ships face the risk of attack near Oman.