Iran-Oman Deal Sends Oil Prices Soaring Again

Oil prices continued to rise on Friday amid negotiations between Iran and Oman over the reopening of the Strait of Hormuz. The proposal includes banning 'hostile' vessels from passing through and imposing harsh fines for violators, up to 20% of the cargo value.

The Brent crude futures rose by 1.2% to $83.48 per barrel, while U.S. WTI crude increased by 1.1% to $78.84.

Experts note that investors' restrained optimism is limiting price declines, despite a decline in prices at the beginning of the week. The Iranian parliament is considering a bill providing for fines for vessels violating the rules.