US expects Iran-Oman Hormuz deal soon as oil swings above $83

The United States expects Iran and Oman to reach a deal soon on reopening commercial shipping through the Strait of Hormuz, according to a US official, as oil prices whipsawed over draft transit terms from Tehran. Brent crude rose above $83 a barrel after reports that Iran was weighing restrictions on US, Israeli and other vessels it deems hostile, plus fines for violators. Earlier in the week, prices slipped as traders bet progress in the talks could ease the disruption. Iran and Oman have also reached an understanding on shipping-route coordinates, Iran's Foreign Ministry spokesperson Esmaeil Baghaei said. Gulf crude exports in July remained about 40% below prewar levels, underscoring the economic stakes of any final accord.