Hormuz Tensions Fuel Oil Price Hike

Oil prices continued to rise on Friday as concerns over the Strait of Hormuz remained high. Brent Crude futures climbed 99 cents, or 1.2%, to $83.48 a barrel, while US West Texas Intermediate futures rose 85 cents, or 1.1%, to $78.84.

The price hike follows Iran's proposal to ban vessels deemed hostile from the strait and impose hefty fines on violators. According to reports, a parliamentary committee is examining draft legislation that would prohibit US, Israeli, and other hostile vessels from transiting the Strait of Hormuz.

Iran also seeks transit fees ranging from 5% to 7% of cargo value from ships using the strait, while Oman is discussing a fee of around 3%. The United States, however, insists on unrestricted passage without any transit charges.