Oil rises on Strait of Hormuz concerns

Oil prices rose amid concerns over the potential reopening of the Strait of Hormuz and the possibility of Iran imposing a ban on the passage of hostile ships, as Tehran and Muscat prepare for new measures. Brent futures increased to $83.24, up 0.9%, while West Texas Intermediate rose to $77.71, up 0.5%. This follows a previous decline due to hopes of resolving the conflict, but rising tensions and ongoing clashes between Iran and the United States are maintaining the level of risk. Iran is moving toward imposing fees on passing ships, while Washington remains cautious about that move.