Oil Prices Surge as Iran Proposes Restrictive Plan for Strait of Hormuz
Crude oil prices rose sharply after Iran released a draft plan imposing restrictive conditions on ship traffic through the Strait of Hormuz. Brent crude increased by 3.8% to $82.49 per barrel, while U.S. West Texas Intermediate rose by 2.8% to $77.29. The draft plan, published by Iranian state news, suggests banning U.S. and Israeli ships and requiring compensation from nations that have harmed Iran. The plan is under review by an Iranian parliamentary committee, and discussions with Oman are ongoing to define transit routes. 
