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

WTI crude oil futures climbed more than 3% on Monday to trade above $90 per barrel, rebounding from a six-week low amid ongoing uncertainty surrounding a proposed US–Iran agreement to extend a ceasefire and reopen the Strait of Hormuz. Washington and Tehran continued to exchange messages over revisions to the draft accord, but there were few signs of an imminent breakthrough. President Donald Trump said overnight that “it will all work out well in the end,” even as military operations persisted on both sides. Iran also indicated that any deal would need to include a truce in Lebanon, where Israel has launched its most extensive ground campaign in decades. Elsewhere, Ukraine stepped up attacks on Russian refineries, while Moscow imposed a ban on jet fuel exports through November to avert domestic shortages. Despite recent volatility, oil prices remain roughly 30% higher than they were before the conflict began in late February.