Iran Draft Plan Sparks Oil Price Surge Amid Supply Disruption Fears

Oil prices surged on Friday amid concerns over supply disruptions following Iran's publication of a restrictive draft plan for the Strait of Hormuz.

The draft plan proposes banning U.S. and Israeli ships from transiting the strait, with other nations that have harmed Iran also being denied passage until compensation is paid.

This development has added to supply concerns in the region, which were already heightened by Ukraine's strikes on two major Russian oil refineries and a significant drop in U.S. imports of Saudi crude.

The Brent crude futures for October delivery rose 1.22% to $83.50 a barrel, while U.S. West Texas Intermediate futures for September advanced 1.11% at $78.15 per barrel.