Brent futures were up $1.98, or 2.1%, to $98.12 a barrel as of 0405 GMT, after settling 7% lower in the previous session.

US West Texas Intermediate crude was at $91.79 a barrel, up slightly from Monday’s last traded price but down $4.81, or 5%, from Friday’s close.

There was no settlement on Monday due to the ​US Memorial Day holiday.

While both contracts fell during the overnight session on hopes of a peace ​deal, the US strikes in southern Iran and Israeli attacks on Hezbollah have boosted Brent ⁠prices and widened the spread with WTI, said Michael McCarthy, CEO of online trading platform Moomoo Australia.

Tehran has effectively halted nearly all non-Iranian shipping into and out of the Gulf via the Strait of Hormuz since the war began, choking ​off about a fifth of global oil and liquefied natural gas flows.

Nikkei reported, citing a Middle East diplomatic source, that Iran would clear mines from the strait within a 30‑day window under the agreement, after which vessels from all countries could ​navigate freely and safely, ​with Tehran also ending ⁠transit fee collection.

“Traders are betting heavily that a breakthrough will finally free up the long-paralysed tankers stuck in and around the Strait of Hormuz,” said Tim Waterer, chief ​market analyst at KCM Trade.

US President Donald Trump on Monday repeated his demand that Iran hand over its ⁠enriched uranium ​so it could be destroyed.

“It’s a sharp reminder that the deal ​could still collapse at the eleventh hour, much like the five previous attempts before it,” said Tony Sycamore, a market analyst at IG.