Brent Jumps 3.6% to $82.36 as Iran Drafts Hormuz Curbs Barring U.S., Israeli Ships
Updated
Updated · CNBC · Aug 6
Brent Jumps 3.6% to $82.36 as Iran Drafts Hormuz Curbs Barring U.S., Israeli Ships
3 articles · Updated · CNBC · Aug 6
Summary
Brent crude rose 3.6% to $82.36 a barrel and WTI gained 2.8% to $77.30 after Iranian state media published a draft Strait of Hormuz transit plan with tougher-than-expected restrictions.
The draft, under review by an Iranian parliamentary committee, would bar U.S. and Israeli ships, block other countries that harmed Iran until compensation is paid, and fine violators 20% of cargo value.
The move undercut this week's optimism after Treasury Secretary Scott Bessent said a freedom-of-movement deal could come by Wednesday; oil had still fallen about 8% this week and no agreement has been announced.
Transit talks with Oman reportedly continue on routing ships through Iranian waters inbound and Omani waters outbound, while security risks persist after the Houthis claimed a Red Sea tanker strike and another tanker heard explosions off Oman.