Oil prices rose after Iran published or circulated a restrictive draft plan concerning access to the Strait of Hormuz, according to reports. The proposed measure has been described as seeking to bar or limit the passage of U.S. and Israeli ships through the strategic waterway, though the draft remains under review and its final provisions are not clear.
Reports said an Iranian parliamentary committee was examining the proposal as diplomatic discussions involving Oman continued. The developments have drawn attention because the Strait of Hormuz is a major route for international oil shipments, making any potential restrictions a concern for energy markets and global trade.
The United States has rejected the prospect of any “impediments” to navigation through the strait. It remains uncertain whether the draft will become law, how it would be implemented, or whether it would lead to practical changes in maritime traffic. The prospect of heightened tensions around the waterway nevertheless contributed to the rise in oil prices.