Oil Prices Rise as Iran Draft Plan Proposes Strait of Hormuz Bans
Global oil prices climbed on Friday, August 7, 2026, as markets reacted to a restrictive draft plan published by Iran targeting vessel transit through the Strait of Hormuz. International benchmark Brent crude gained 1.25% to reach $83.52 a barrel, while U.S. West Texas Intermediate futures advanced 1.10% to $78.14 per barrel. Strait of Hormuz Transit … Read more