(Bloomberg) — Oil extended gains as traders watched for a deal between Iran and Oman to reopen the Strait of Hormuz, while Houthi militants claimed an attack on a Saudi refinery near the Red Sea.

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Brent traded above $84 a barrel after climbing more than 5% over the previous three sessions. West Texas Intermediate was near $79. An agreement with Oman to establish a shipping route through Hormuz was “very close,” Iran’s Foreign Minister Abbas Araghchi said over the weekend, ruling out direct talks with the US for now due to violations to an interim peace deal in June.

Still, he cautioned that any accord would not immediately reopen the waterway, limiting hopes for a quick return of disrupted energy flows. President Donald Trump signaled patience, telling Axios on Sunday the US was now “low-keying it.” The remarks follow weeks of Trump threatening strikes on Iran.

The risk of a flare-up across the Middle East remains high, keeping the market on edge. Iran-backed Houthi militants in Yemen claimed an attack on the Jazan refinery in Saudi Arabia, while another tanker operated by Abu Dhabi National Oil Co. was targeted in Hormuz over the weekend.

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