Oil Gains Amid Iran Strait Shipping Restrictions
Oil prices rose on Thursday following the release of an Iranian draft plan that includes conditions to restrict vessel movements in the Strait of Hormuz. Brent crude increased by approximately 4% to reach $82.72 per barrel, while U.S. West Texas Intermediate crude rose by about 3.5% to $77.83. The plan proposes to prohibit passage of American and Israeli ships, impose fines of 20% of the cargo's value on violators, and is currently under review by the Iranian parliament. These developments came after statements suggesting a forthcoming agreement to increase maritime traffic through the strait.
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