Oil prices saw an extension of their gains following reports of Iran's actions in the Strait of Hormuz. Tehran is reportedly seeking to restrict US naval passage through the crucial waterway, a move allegedly part of a deal with Oman.

This development adds another layer of geopolitical tension to the global energy markets. The Strait of Hormuz is a vital chokepoint for oil transportation, and any disruption or threat to its security can significantly impact supply and prices.

The market is closely watching further developments from the region, as these events could lead to increased volatility. The involved parties' statements and any potential retaliatory measures will be critical factors influencing oil prices in the coming days.