Oil Gains on Iran Strait Restrictions

Oil prices rose after Iran released a draft plan that includes restrictions on ship movements through the Strait of Hormuz. Brent crude increased by approximately 4% to reach $82.72 per barrel, while West Texas Intermediate rose by 3.5% to $77.83. This increase follows an 8% decline last week, driven by expectations of a soon-to-be-agreed development allowing more navigation through the strait. The draft plan proposes to ban American and Israeli ships from passing through the strait and to impose fines of up to 20% of the cargo's value on violating vessels. The plan is currently under parliamentary review.

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