Oil Prices Extend Gains as Iran Reviews Hormuz Transit Bill

2026-08-06 19:15 By Joana Taborda 1 min. read

Crude oil extended its gains, rising 3% to $77.5 per barrel on Thursday, after reports that an Iranian parliamentary committee is analyzing a draft proposal outlining restrictive conditions for ship traffic through the Strait of Hormuz.

Under the proposal, Iran would prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage.

Tehran also proposed imposing penalties on violators equivalent to 20% of the value of the cargo carried by a vessel and stated that a full reopening of the strait would depend on the lifting of the US maritime blockade.

Meanwhile, Houthi forces in Yemen claimed on Thursday to have launched attacks on Saudi troop positions, adding to geopolitical concerns across the region.

Earlier in the day, US officials reiterated their confidence that a nuclear agreement with Iran was within reach, although investors remained cautious about the prospects for a durable and lasting peace.



News Stream
Oil Extends Gains as Hormuz Tensions Resurface
Crude oil rose above $78 per barrel on Friday, building on the previous session’s gains as renewed tensions in the Strait of Hormuz unsettled markets and cast fresh doubt over efforts to fully reopen the vital shipping route. Reports indicated that Iran struck what it described as “hostile targets” in the strait after explosions were reported near Qeshm Island. Under the proposed Iran-Oman agreement governing the waterway, Tehran seeks to prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Iran has also proposed penalties equal to 20% of a vessel’s cargo value for violations and said the strait would only be fully reopened once the US maritime blockade is lifted. The Iranian parliament is currently reviewing the draft proposal, which outlines stricter conditions for commercial shipping through the Strait of Hormuz than markets anticipated.
2026-08-06
Oil Prices Extend Gains as Iran Reviews Hormuz Transit Bill
Crude oil extended its gains, rising 3% to $77.5 per barrel on Thursday, after reports that an Iranian parliamentary committee is analyzing a draft proposal outlining restrictive conditions for ship traffic through the Strait of Hormuz. Under the proposal, Iran would prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Tehran also proposed imposing penalties on violators equivalent to 20% of the value of the cargo carried by a vessel and stated that a full reopening of the strait would depend on the lifting of the US maritime blockade. Meanwhile, Houthi forces in Yemen claimed on Thursday to have launched attacks on Saudi troop positions, adding to geopolitical concerns across the region. Earlier in the day, US officials reiterated their confidence that a nuclear agreement with Iran was within reach, although investors remained cautious about the prospects for a durable and lasting peace.
2026-08-06
Oil Edges Up as Markets Assess Hormuz Developments
Crude oil rose to around $77 per barrel on Thursday, after three consecutive sessions of losses, as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz. Iran said it had reached an agreement with Oman on a temporary shipping route, though officials stressed it would not amount to a full reopening of the strategic waterway. Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region. The UK Navy reported explosions near a tanker transiting the strait, while Iran-backed Houthi militants claimed attacks on a Saudi oil tanker and threatened additional vessels in the Red Sea. Meanwhile, US crude inventories rose from their lowest level since 2018, and Saudi Aramco cut its flagship crude price for Asian buyers, reflecting expectations of improving regional supply conditions.
2026-08-06