US-Iran war, Aug. 10 -- Oil prices climbed on Monday amid uncertainty over when the Strait of Hormuz could reopen, after Iran said negotiations with Oman on establishing new shipping routes were nearing completion but maintained that the US still needed to fulfil additional conditions.

Brent crude futures gained 91 cents, or 1.09%, to $84.46 a barrel, while US West Texas Intermediate (WTI) crude futures advanced 61 cents, or 0.78%, to $78.79 a barrel.

Both benchmarks had declined more than 7% last week on expectations that Iran and Oman were close to an agreement that could facilitate the reopening of the Strait of Hormuz, a key global oil transit route that carried around one-fifth of the world's oil supply before the war.

Iranian For...