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HOUSTON: Oil prices rose by more than $3 a barrel on Thursday on news that an Iranian parliament committee is reviewing a bill that would ban US and Israeli vessels from the Strait of Hormuz and fine violators up to a fifth of the value of their cargo.
Brent crude futures gained $3.09, or 3.89pc, to $82.54 a barrel by 12:37pm EDT. US West Texas Intermediate futures rose $2.49, or 3.31pc, to $77.71.
An Iranian lawmaker said a parliament committee is reviewing a preliminary bill to ban US, Israeli and other vessels deemed hostile from the Strait of Hormuz, and fine violators of the proposed restrictions up to 20pc of cargo value, according to Fars news agency.
“Crude traders remain focused on the US-Iran agreements, and the longer the delays, the more prices will fade back to the upside,” said Dennis Kissler, senior vice president of trading at BOK Financial.
