Oil Prices Near $98 as Iran Nears Deal with Oman

Oil prices held near $98 per barrel on Monday as Iran said it was nearing a deal with Oman to manage shipping through the Strait of Hormuz, a key chokepoint for global crude supplies. This move has stoked supply fears and driven oil prices higher.

The US Federal Reserve is set to meet next week to decide on interest rates, but inflation concerns are already being fueled by rising energy costs. Iran's control of the Hormuz Strait has raised questions about how the US will respond after striking Iranian tankers over the weekend.

Copper prices hit a record high for the second straight session at $14,624.5 per ton, supported by tight market supply and robust demand from data centers, renewable energy infrastructure, and power grids.