Eco
Oil prices experienced gains on Friday, driven by escalating concerns surrounding the strategic Strait of Hormuz. This followed a proposal by Iran, in cooperation with Oman, to ban the passage of "hostile" vessels through the strait and impose substantial fines for violations. By 00:10 GMT, Brent crude futures recorded an increase of 99 cents, or 1.2%, reaching $83.48 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures rose by 85 cents, or 1.1%, to settle at $78.84. Oil futures had witnessed a rise of more than $3 per barrel at Thursday's settlement, coinciding with Iran's consideration of a bill aimed at prohibiting the passage of American and Israeli ships through the Strait of Hormuz. The strait serves as a vital artery through which approximately one-fifth of global oil and liquefied natural gas (LNG) supplies traversed prior to the outbreak of the conflict at the end of February. Earlier in the week, prices had declined amid increasing prospects for a resolution to the ongoing conflict. However, benchmark Brent crude surpassed the $80 mark in the previous session, after having fallen below this level for the first time since July 13.
