Oil rises as Iran's draft plan sees U.S. and Israel banned from Strait of Hormuz
News of Iran's restrictive draft plan for the Strait of Hormuz sent oil prices higher, renewing concerns over supply disruptions.
AI Summary
Oil prices rose on Friday after Iran published a draft plan that would restrict U.S., Israeli, and other ships from transiting the Strait of Hormuz, renewing supply disruption fears. Brent gained 1.22% to $83.50 a barrel, while WTI advanced 1.11% to $78.15. Additional supply concerns came from Ukrainian strikes on Russian refineries and U.S. imports of Saudi crude falling to zero in July for the first time since 1985.