Oil climbs on supply concerns and Iran restrictions

Oil prices rose today due to concerns over supply disruptions in the region, as Iran released a draft plan that would ban American and Israeli ships from transiting the Strait of Hormuz and require ships that damage Iran to pay compensation, sparking fears of escalating tensions. This led to an increase in the price of Brent crude by 1.25%, reaching $83.52 per barrel, and West Texas Intermediate by 1.10%, reaching $78.14. Reports also indicate a potential escalation in tensions between Iran and the West and possible impacts on the energy market, amid strikes that have targeted key oil transit routes following attacks on Russian oil refineries, as U.S. oil imports from Saudi Arabia declined for the first time since 1985.

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