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Oil prices rose as traders parsed competing signals from the United States and Iran over whether a deal to open the Strait of Hormuz is actually taking shape.
The strait is the narrow waterway at the mouth of the Persian Gulf, the only sea route through which oil loaded inside the Gulf can reach the open ocean.
Concerns that an agreement may not arrive anytime soon left markets unsettled and pushed prices higher.
What makes the Strait of Hormuz matter The Strait of Hormuz runs between Iran to the north and Oman and the United Arab Emirates to the south. It is the single maritime exit from the Persian Gulf.
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