Iran’s proposed restrictions on shipping in the Strait of Hormuz and retaliatory threats lift oil prices as supply disruptions loom.
West Texas Intermediate crude trades at $77.50 per barrel, supported by escalating tensions in the Strait of Hormuz. Iran’s reported strikes on targets near Qeshm Island and a draft agreement with Oman have raised concerns over supply route stability.
The proposed Iran-Oman deal includes stricter transit rules, such as banning US and Israeli vessels and imposing 20% cargo-value penalties for violations. Markets had expected less restrictive terms, while Iran also warned Gulf states of retaliatory strikes on energy infrastructure if the US launches new attacks.
Oil prices remain firm as traders assess the potential for prolonged disruptions in a key global chokepoint.