Iran Plan Shocks Oil Markets, Prices Surge

Crude oil prices rose sharply on Thursday. Iran published a draft plan with restrictive conditions for Strait of Hormuz shipping. The state news agency Fars released the document.

Brent crude closed at $82.49 per barrel. The international benchmark gained 3.8% on the day. West Texas Intermediate rose 2.8% to settle at $77.29.

Prices fell about 8% earlier this week. Treasury Secretary Scott Bessent said a Hormuz deal could come as soon as Wednesday. The deal would allow freedom of movement through the strait.

No agreement has been announced yet. Iran and Oman are reportedly working on transit route definitions. Inbound traffic would use Iranian waters. Outbound traffic would go through Omani waters.

Draft Plan Bans U.S. and Israeli Ships

The Iranian draft places tight restrictions on ship traffic. U.S. and Israeli ships would be banned from the strait. Other nations that harmed Iran must pay compensation before transiting.

Tehran would impose penalties on violators. The fine equals 20% of the cargo value aboard a ship. The draft is under review by an Iranian parliamentary committee.

Iran's Houthi allies claimed attacks on Saudi troop concentrations. The Houthis struck a Saudi tanker in the Red Sea. The attack occurred off the coast from Yanbu export terminal.

A tanker reported hearing two explosions off Oman's coast. The incident happened while transiting the Strait of Hormuz. The UK Maritime Trade Operations Centre confirmed the crew and vessel are safe.

Geopolitical Tensions Drive Crude Higher

The restrictive draft reverses expectations of a deal. Markets had priced in a Hormuz opening agreement. The Iranian plan introduces new uncertainty for oil traders.

The strait is a critical chokepoint for global oil shipments. About 20% of the world's petroleum passes through Hormuz. Any restrictions threaten supply flows and price stability.

Iran's parliamentary committee is reviewing the draft plan. The final version could change before implementation. Traders are watching for further announcements from Tehran.

The Houthi attacks add to regional instability. Saudi tankers face increased risk in the Red Sea. The Yanbu terminal plays a key role in diverting oil shipments.

Oil markets remain volatile amid geopolitical tensions. The Hormuz situation continues to develop. Traders are adjusting positions based on the latest news from Iran.