Iran's Hormuz Proposal Sends Oil Prices Soaring

Crude oil prices continued their upward trend on Thursday, increasing by 3% to $77.5 per barrel as Iran reviewed a draft proposal outlining conditions for ship traffic through the Strait of Hormuz.

The proposed bill would prohibit US and Israeli vessels from transiting the strait and require countries deemed hostile to pay compensation before being granted passage.

Tehran also suggested imposing penalties on violators equivalent to 20% of the value of the cargo carried by a vessel, with a full reopening of the strait contingent on the lifting of the US maritime blockade.