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Home›Commodities›Energy›Oil rises on worries Iran’s Strait of Hormuz plan coul…

Oil rises on worries Iran’s Strait of Hormuz plan could disrupt supply

The price move reflects renewed concerns that Iran’s proposed restrictions on the Strait of Hormuz could tighten crude availability.

Reported · Written up by our desk · Energy

Oil prices rose as the market digested news that Iran is drafting a restrictive plan for the Strait of Hormuz, according to CNBC Markets.

The development renewed worries about potential supply disruptions along a key shipping chokepoint, supporting higher crude prices.

CNBC World reported a similar move, linking the gain to the same supply risk narrative tied to Iran’s proposed restrictions.

Latest closeWTI crude $78.07 ▲3.8%

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Sources

CNBC MarketsOil rises amid supply disruption fears following Iran's restrictive draft plan for the Strait of Hormuz
CNBC WorldOil rises amid supply disruption fears following Iran's restrictive draft plan for the Strait of Hormuz

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