Brent Crude Surges Amid Hormuz Negotiations Tensions

International oil prices have risen as markets focus on negotiations between Iran and Oman regarding navigation through the Strait of Hormuz.

The settlement price for October delivery Brent crude on the ICE Futures exchange closed at $83.55 a barrel, up 1.3% from the previous session.

Iran reportedly wants to collect a fee of 5% to 7% of the value of cargo utilizing the strait, while Oman has proposed a 3% fee.

The United States opposes any form of fee imposition regarding navigation through Hormuz.