Oil gains on supply concerns and Iran Strait limits
Oil prices rose today due to concerns over potential disruptions in supply, following Iran's announcement of a draft plan to impose restrictions on vessel transit through the Strait of Hormuz. The plan includes preventing American and Israeli ships from passing unless Iran receives compensation. Additionally, Iran and Oman are moving toward an agreement to define their crossing routes. Meanwhile, Ukrainian attacks have targeted Russian oil refineries, leading to the first decline in U.S. imports of Saudi oil since 1985. Brent crude futures increased by 1.25% to $83.52 per barrel, and West Texas Intermediate futures rose by 1.10% to $78.14, heightening fears of rising inflation and a rally in the dollar.
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