Oil prices moved higher as concerns grew that the conflict in the Middle East could drag on, with Brent rising 0.9% to $97.24 and WTI gaining 0.9% as well to $92.36.
Oil prices swung on Monday, days after the U.S. and Iran traded attacks on ships in and around the Strait of Hormuz, leaving a vital oil export route stuck in what analysts described as a lethal stalemate.
The price of Brent crude, the global benchmark for oil, initially jumped more than 1% when trading started Sunday evening, but then eased Monday after the Iranian foreign ministry suggested a deal with Oman to ease shipping through the strait was possible soon.
