Iran's Hormuz Ban Proposal Sends Oil Prices Skyward

Oil prices rose on Friday after Iran proposed legislation to ban U.S. and Israeli vessels from the Strait of Hormuz, escalating tensions in the region.

The Brent crude futures price advanced 1.1% to $83.43 per barrel, while WTI gained 0.8% to $77.91, despite both contracts still poised for weekly declines exceeding 7%.

Iran's parliamentary committee is evaluating a draft law that would prohibit vessels linked to the U.S. and Israel from navigating through the Strait of Hormuz, with penalties reaching up to 20% of cargo valuations for violations.