Brent crude jumps 5% over Hormuz plan

Oil prices rose significantly following media reports about a framework agreement to manage the Strait of Hormuz, aimed at preventing the passage of American, Israeli, and hostile ships until compensation is paid. There have also been reports of Iranian attacks on targets near the strait. The futures contract for Brent crude increased by 4.7%, reaching $83.19 per barrel, while West Texas Intermediate contracts rose by 3.7% to $77.96. The potential agreement relates to a part of Iran and Oman’s plan to regulate ship passage through the strait and share management, but Washington is expected to reject these plans. This escalation comes amid ongoing tensions between the United States and Iran, following previous threats and targeted operations in the strait.