HOUSTON, Aug 7 (Reuters) - Oil prices gained on Friday as markets assessed a pending agreement between Iran and Oman that would set rules for transit of the Strait of Hormuz. Brent crude futures were up 93 cents,

The Trump administration says a deal to reopen the Strait of Hormuz is imminent, but it still has not been announced. CBS News correspondent Natalie Brand is at the White House with more.

Tehran has announced that Iran and Oman have agreed on the geographic route for shipping through the Strait of Hormuz, claiming that the US was not involved in the agreement. At the same time, the US President has claimed Hormuz negotiations with Iran are “moving along very nicely”.

By Steve Holland and Timour Azhari WASHINGTON/RIYADH, Aug 7 (Reuters) - A U.S. official on Friday reported progress between Iran and Oman that could soon reopen the Strait of Hormuz, potentially restoring oil exports that have been disrupted by the five-month-old U.

Iran said a Hormuz deal won’t fully reopen the strait. Trump said he would appeal a decision to halt his ballroom construction project to the Supreme Court. The U.S. economy lost 23,000 jobs in July.

US-Iran war LIVE: A US official on Friday (local time) reported progress in talks between Iran and Oman that could soon help reopen the Strait of Hormuz. Tune in to Live Mint to catch all the latest US-Iran war-related updates.

U.S. officials have repeatedly insisted they would never agree to Iran controlling access to the world's most important trade route for energy supplies.

Crude futures rose as the market awaited the outcome of talks to reopen the Strait of Hormuz.