Iran war news LIVE: Oil prices extend gains as Iran says a deal with Oman on Hormuz is just days away
Iran war news LIVE: Oil prices extended gains on Monday (local time) as traders closely monitored details of an Iranian deal with Oman to manage shipping through the Strait of Hormuz, which could tighten Tehran's control over the waterway.
On Monday, oil prices continued to rise as traders kept a close eye on an alleged Iranian deal with Oman to manage shipping through the Strait of Hormuz. This development could potentially tighten Iran's control over the waterway. Brent crude settled at $97 per barrel while West Texas Intermediate (WTI) traded near $93 a barrel.
Iran announced that the agreement is in its final stages and would include a temporary safe route through Hormuz, raising concerns about the US response following the American military's recent strike on Iranian tankers. Meanwhile, Iran increased gasoline prices for its heaviest consumers as the economy struggles, making it the second such hike since December.
The new system imposes additional charges of 100,000 rials (seven cents) per litre for those buying over their monthly quota of 110 litres, effectively doubling the previous price since December. Iran has asserted that the additional revenue will be given to households. Additionally, Iran stated that a ballistic missile with improved capabilities marks a new doctrine, committing to take preemptive action against any threat, even before it materializes, according to remarks from the head of Iran's Supreme National Security Council, Mohsen Rezaei.
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