Oil extended gains on Friday amid further concerns around the opening of the Strait of Hormuz, as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining
Oil extended gains on Friday amid further concerns around the opening of the Strait of Hormuz, as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those which violated the proposed rules.
Brent crude futures LCOc1 were up 85 cents, or 1.03%, at $83.34 a barrel by 0634 GMT. U.S. West Texas Intermediate futures CLc1 rose 52 cents, or 0.67%, to $77.81.
Oil futures settled up more than $3 a barrel on Thursday as Iran reviewed a bill to ban U.S. and Israeli vessels from the Strait of Hormuz, through which roughly a fifth of the world’s oil and liquefied natural gas normally transited before the war began at the end of February.
Prices fell earlier in the week as a possible solution to the ongoing conflict looked more likely, but benchmark Brent breached $80 on Thursday after falling below that for the first time since July 13. Both benchmarks were headed for a weekly loss of about 8%.
Analysts said the events that have unfolded this week signalled that the hostilities between Iran and the U.S. are not yet over.
An Iranian lawmaker said a parliamentary committee is reviewing a preliminary bill to
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