Iran Tensions Send Oil Prices Soaring Over $3 Per Barrel

Oil prices surged on Thursday due to tensions in the Middle East as an Iranian parliament committee reviews a bill that would ban U.S. and Israeli vessels from the Strait of Hormuz.

The proposed law would fine violators up to 20% of their cargo's value, according to Fars news agency. Brent crude futures settled at $82.49 per barrel, a 3.83% increase, while U.S. West Texas Intermediate futures rose 2.75% to $77.29.

An Iranian lawmaker said the parliament committee is reviewing the preliminary bill, which would restrict vessels deemed hostile from passing through the strategic waterway.

Traders remain focused on the U.S./Iran agreements and the ongoing tensions in the region.