economy
Oil rises as Iran's draft plan sees U.S. and Israel banned from Strait of Hormuz
News of Iran's restrictive draft plan for the Strait of Hormuz sent oil prices higher, renewing concerns over supply disruptions.
TL;DR
- Oil prices increased on Friday, with Brent crude futures up 1.25% and WTI futures up 1.10%.
- Iran published a draft plan that would ban U.S. and Israeli ships from transiting the Strait of Hormuz.
- The plan also suggests nations that have harmed Iran would be prohibited from transit until compensation is paid.
- Supply concerns were further exacerbated by Ukrainian strikes on two Russian oil refineries and zero U.S. imports of Saudi crude in July.
- Conflicting statements from U.S. President Donald Trump and Tehran regarding diplomatic progress added to market uncertainty.