Oil Prices Rise Amid Uncertainty Over Strait of Hormuz Reopening Plans

Oil prices rose on Friday amid concerns over plans to reopen the Strait of Hormuz, a key waterway in the Middle East. Brent crude futures climbed 1.2% to $83.48 per barrel, while U.S. West Texas Intermediate futures rose 1.1% to $78.84.

Iran and Oman are discussing restrictions on vessels passing through the strait, with Iran proposing a ban on hostile ships, including those from the United States and Israel. The plan also includes fines of up to 20% of cargo value for violators.

Iran is seeking fees of between 5% and 7% of cargo prices, while Oman wants around 3%. However, U.S. sanctions and restrictive insurance clauses make it difficult to implement the proposed regulations, according to industry experts.