Iran Considers Restricting Ship Traffic Through Key Oil Transit Route

Crude oil prices surged on Thursday after reports emerged that Iran is considering a draft plan to restrict ship traffic in the Strait of Hormuz, sparking concerns about the viability of a deal between Iran and Oman to reopen the key waterway.

The proposed plan would reportedly ban U.S. ships from passing through the strait, which is a major oil transit route, prompting fears that this could impact global oil supplies and prices.

The news comes as Iranian media reported on Thursday that Iran's Supreme National Security Council was reviewing a draft plan to restrict ship traffic in the strait, citing concerns over U.S. aggression in the region.