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.