FX.co ★ Oil Rises on US-Iran Deal Uncertainty

WTI crude futures climbed back above $89 per barrel on Monday, recouping part of last week’s losses as uncertainty persisted over the likelihood of a peace agreement between the US and Iran. Over the weekend, both sides exchanged proposals seeking changes to a draft deal aimed at extending the ceasefire and reopening the Strait of Hormuz, though it remained unclear whether any substantive progress had been made. President Donald Trump also reiterated his demand that Iran end its nuclear program and fully restore the strait as an open international shipping corridor. While oil prices recently registered a monthly decline on expectations that Washington and Tehran could eventually secure a more lasting accord, they remain high relative to pre-conflict levels, with the near-shutdown of Hormuz having caused an unprecedented disruption to global energy supplies.