Oil pared losses and WTI jumped about 2.0% early Monday to $92.07/bbl as
prospects for a US‑Iran peace deal stayed uncertain. Washington and Tehran
exchanged messages over the weekend seeking to amend a draft agreement to extend
a ceasefire and reopen the Strait of Hormuz, but it was unclear whether
substantive progress was made. Earlier optimism that a deal would restore energy
flows through the strait had driven crude’s first monthly decline of the year.
An economist warned neither side is likely to concede on core, pre-war issues —
nuclear program, control of the Strait of Hormuz, ballistic missiles and
sanctions — and said prices will remain sensitive to local developments and
leaders’ remarks.
