Crude oil prices rose on Friday as concerns over the proposed reopening of the Strait of Hormuz continued to weigh on markets.
Brent crude futures increased by 1.2% to $83.48/barrel, while US West Texas Intermediate (WTI) crude gained 1.1% to $78.84/barrel.
The proposed rules, put forth by Iran in coordination with Oman, aim to ban vessels deemed hostile from using the strait and impose heavy fines on those violating the rules.
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