Oil Rises Amid Concerns Over Proposals to Reopen Strait of Hormuz

Oil prices rose on Friday amid concerns over proposals by Iran and Oman to ban hostile ships from passing through the Strait of Hormuz. Brent crude climbed 99 cents to $83.48 a barrel, and West Texas Intermediate rose 85 cents to $78.84. This follows Brent breaking above $80 in the previous session, while Iran considers a bill to ban American and Israeli ships in the strait.

Oil prices continued their rise on Friday, August 7, 2026, amid growing concerns over the Strait of Hormuz. Iran, in cooperation with Oman, proposed banning ships deemed hostile from passing through the strait and imposing hefty fines on violators. By 0010 GMT, Brent crude futures rose 99 cents, or 1.2%, to $83.48 a barrel, and U.S. West Texas Intermediate crude futures increased 85 cents, or 1.1%, to $78.84. Oil futures had risen by more than three dollars a barrel at settlement on Thursday, while Iran considers a bill to ban American and Israeli ships from transiting the Strait of Hormuz, through which nearly a fifth of global oil and liquefied natural gas supplies passed before the war broke out in late February. Prices fell earlier in the week as prospects for a resolution to the ongoing conflict grew, but benchmark Brent broke above $80 in the previous session after dipping below that level for the first time since July 13.