Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomePMN BusinessOil Extends Gains as Iran Strikes Targets in Strait of HormuzOil extended gains on reports that Iran attacked “hostile targets” in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.A pump jack in Midland, Texas. Photographer: Anthony Prieto/Bloomberg Photo by Anthony Prieto /Photographer: Anthony Prieto/Blo(Bloomberg) — Oil extended gains on reports that Iran attacked “hostile targets” in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorWest Texas Intermediate rose above $78 a barrel, after surging almost 3% in the previous session, while Brent settled around $82. The attacks took place on Thursday night local time following explosions near Qeshm Island in Hormuz, according to the semi-official Fars News Agency.Crude has erased the bulk of the declines from earlier in the week as optimism evaporated that a full reopening of Hormuz would see a resumption of energy flows from the Persian Gulf. Under the proposed Iran-Oman agreement, Tehran intends to also ban Israeli ships from the strait and require compensation from hostile countries to use it.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Deals to reopen the Strait of Hormuz remain elusive, with investors teetering in the balance,” said Rob Haworth, senior investment strategy director at US Bank Asset Management Group. “For now traffic remains low and the path to a durable deal remains unclear.”While President Donald Trump reiterated that he thinks the war will end “pretty soon,” the parties in the conflict remain far apart on conditions for an accord. The US has insisted on free transit through the strait and a return to the pre-war status quo, while Iran is pushing for a fee structure. The conflict in the Middle East appears to be widening, with Iran-backed Houthis saying they conducted a “large-scale” attack against forces from Yemen’s Saudi-aligned government. The militant group earlier this week said it attacked a Saudi tanker in the Gulf of Aden and threatened shipping in the northern Red Sea. 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