Iran Strait Ban Bill Sends Oil Prices Soaring

Oil prices surged on Thursday after an Iranian parliament committee began reviewing a bill that would ban US and Israeli vessels from the Strait of Hormuz.

The proposed legislation, which is still in its preliminary stages, aims to fine violators up to 20% of their cargo's value.

Brent crude futures jumped $3.09, or 3.89%, to $82.54 a barrel by 12:37 p.m. EDT, while US West Texas Intermediate futures rose $2.49, or 3.31%, to $77.71, according to Reuters.

Dennis Kissler, senior vice president of trading at BOK Financial, noted that 'crude traders remain focused on the US/Iran agreements, and the longer the delays, the more prices will fade back to the upside.'