Oil Prices Soar as Iran Considers Blocking US and Israeli Vessels from Hormuz

An Iranian parliamentary committee is reviewing a bill that would ban US and Israeli vessels from the Strait of Hormuz, leading to a surge in oil prices. Brent crude futures rose by $3.09, or 3.89%, to $82.54 a barrel, while US West Texas Intermediate futures increased by $2.49, or 3.31%, to $77.71.

The proposed bill would fine violators up to 20% of the cargo's value if they are caught entering the strait. This move has been met with concern from traders, who fear that it could disrupt global oil supplies. About one-fifth of global daily oil and liquefied natural gas supplies flow through the Strait of Hormuz.

Yemen's Houthis also carried out missile and drone attacks on 'Saudi deployments' in Marib and Hadramout in Yemen on Thursday, killing or wounding hundreds of Saudi-aligned fighters. This development has added to geopolitical tensions in the region.