Oil prices rise amid concerns over Hormuz reopening plans

Crude oil prices continued to rise on Friday amid concerns over the reopening of the Strait of Hormuz. Brent crude futures rose 1.2% to $83.48/barrel, while US West Texas Intermediate (WTI) crude gained 1.1% to $78.84/barrel. Iran, in coordination with Oman, proposed banning vessels deemed hostile from using the strait and imposing heavy fines on those violating the proposed rules.