economy
Oil prices jump after Iran publishes restrictive draft plan for Strait of Hormuz
Crude oil prices rose Thursday after Iranian state news published a draft plan with restrictive conditions for ship traffic in the Strait of Hormuz.
TL;DR
- Crude oil prices rose Thursday following the publication of a restrictive draft plan for ship traffic in the Strait of Hormuz by Iranian state news.
- Brent crude closed at $82.49 per barrel, and U.S. West Texas Intermediate settled at $77.29.
- Prices had fallen about 8% earlier in the week on speculation of a freedom of movement deal.
- Iran and Oman are reportedly working on an agreement for transit routes in Hormuz.
- The draft Iranian plan, under review by a parliamentary committee, would ban U.S. and Israeli ships and impose penalties on violators.
- Iran's Houthi allies claimed attacks on Saudi troop concentrations in Yemen and a Saudi tanker in the Red Sea.
- A separate incident reported two explosions off the coast of Oman while a tanker transited Hormuz.