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(Bloomberg) -- Oil edged higher as traders weighed signs the US and Iran may extend a ceasefire against a double blockade of the Strait of Hormuz that continues to impede flows.West Texas Intermediate rose 3.7% to settle below $95 a barrel, while Brent closed near $99. Washington and Tehran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter. US President Donald Trump said prospects for securing a deal with I

A major fire engulfed part of Viva Energy’s oil refinery in Geelong, heightening concerns around the supply of oil products in Australia at a time when availability has been stretched by the conflict in the Middle East.