Iran Moves to Ban U.S. and Israeli Ships from Strait of Hormuz as Oil Prices Rise
TLDR
- Brent crude rose 1.1% to $83.43 and WTI climbed 0.8% to $77.91 on Friday
- Iran’s parliament is reviewing a bill to bar U.S. and Israeli ships from the Strait of Hormuz
- Iran’s Revolutionary Guard struck “hostile targets” in the Strait on Thursday night
- A proposed Iran-Oman deal to reopen Hormuz may exclude U.S. and Israeli vessels
- Additional pressure came from Houthi attacks on Saudi infrastructure and a Ukrainian drone strike on a Russian refinery
Oil prices pushed higher on Friday after hopes of a full reopening of the Strait of Hormuz faded. Fresh reports of Iranian military action and new legislation targeting U.S. and Israeli ships sent prices climbing.
Brent crude futures rose 1.1% to $83.43 per barrel. West Texas Intermediate climbed 0.8% to $77.91. Both benchmarks were still on track for weekly losses of more than 7%.
Earlier in the week, prices had fallen on expectations that Iran and Oman were close to a shipping deal. That optimism drove Brent and WTI down sharply before Friday’s reversal.
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