Oil jumps after Iran weighs blocking Strait of Hormuz
Oil prices shot up Thursday after Iran started considering a proposed bill to block US and Israeli ships from the Strait of Hormuz, a key route for global oil.
Brent crude climbed nearly 4% to $82.54 a barrel, and US oil also saw a solid boost.
The proposed bill could slap violators with fines worth up to 20% of their cargo's value.
Houthis hit Saudi targets, Iran warns
Things are tense in the region too: Yemen's Houthi forces say they hit Saudi military targets with drones and missiles, while Iran warned Gulf states it might strike energy sites if attacked by the US
Analysts say all this uncertainty is likely to keep oil prices bouncing around for a while; one even noted that "The market is going up and down as tensions rise and fall and of course these attacks are a significant development because it is more activity in the other theater, away from the Persian Gulf, and is a reminder that the Red Sea passageway could still be in jeopardy," said John Kilduff, partner at Again Capital.