Hormuz Tensions Boost Brent Prices Amid Rising US Crude Output

The Hormuz Strait, a critical oil shipping route, remains a focal point of tension as Iran proposes a draft bill banning vessels from 'hostile' countries.

Brent crude rose to $83 a barrel due to increased tensions, but still lags behind its recent high of $102 two weeks ago.

However, US crude production has seen a 3.8% increase in the four-week average compared to last year, offsetting some of the supply concerns.