Oil Rises as Markets Climb

Oil prices rose in the global markets today, Friday, amid increasing concerns over the Strait of Hormuz and Iran's proposal, in collaboration with Oman, to impose a ban on the passage of hostile ships through the strait, with fines of up to 20% of the shipment's value for violators. Brent crude futures increased by 1.2% to $83.48 per barrel, and U.S. West Texas Intermediate rose by 1.1% to $78.84, after a previous decline due to divergent expectations regarding the resolution of the crisis, with potential impacts on supplies that used to pass through the strait, which used to carry about 20% of global oil supplies before the war.

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