Oil prices rise Friday as Strait of Hormuz worries grow
Oil prices are on the rise this Friday, thanks to growing worries over the Strait of Hormuz, a crucial route for global energy shipments.
Brent crude is now at $83.48 a barrel, and US West Texas Intermediate sits at $78.84, reversing earlier drops as uncertainty in the region grows.
Iran's parliamentary committee mulls Hormuz ban
Iran's parliamentary committee is considering a bill that would block US Israeli, and other hostile vessels from using the Strait of Hormuz, which handled nearly one-fifth of global oil and liquefied natural gas (LNG) trade before the conflict erupted at the end of February.
Oman is discussing a fee of around 3%. The proposal includes hefty fines (up to 20% of cargo value).
The US isn't happy about it, insisting ships should pass freely without extra charges, adding more fuel to market volatility.