Oil held a gain Monday, Brent settling near 94 dollars and West Texas Intermediate near 91, after a 5 percent intraday spike faded when Iran and Israel paused their exchange of strikes. The bigger signal sits beyond the day's tape.
Tehran says the Strait of Hormuz will reopen only on conditions it sets with Oman, including a transit fee, while a Revolutionary Guards commander floated a security belt reaching the Red Sea.
Roughly a fifth of seaborne oil moves through the strait, so the terms matter more than the price.
