Oil prices rose on Friday as proposed Iranian restrictions on vessels using the Strait of Hormuz renewed concerns about disruptions to a major global energy shipping route.
The supplied market report put Brent crude futures at USD 83.48 a barrel at 0010 GMT on August 7, up USD 0.99, or 1.2%. U.S. West Texas Intermediate rose USD 0.85, or 1.1%, to USD 78.84.
Later market reporting also showed Brent trading above USD 83 as investors focused on Iran-Oman negotiations over shipping arrangements in the strait.
An Iranian parliamentary committee was reviewing preliminary legislation that could restrict U.S., Israeli and other vessels deemed hostile, according to a report supplied by Fars news agency. Violations could result in penalties of up to 20% of cargo value.
Read: Oil Prices Fall Nearly 5% as US-Iran Talks Resume
The report said Iran was seeking charges of 5% to 7% of cargo value, while Oman was discussing fees of around 3%. Washington opposed transit charges. Those specific percentages were not independently confirmed in the official Omani statements reviewed.
Oman has publicly maintained that it is working to restore freedom of navigation through the Strait of Hormuz in accordance with international law. The country previously supported a temporary maritime corridor without mandatory transit fees.
The U.S. Energy Information Administration identifies Hormuz as a critical energy chokepoint. Its latest energy security data showed that oil flows through the strait had fallen sharply during the 2026 disruption.
