Oil continued its rise on Friday (August 7, 2026) amid further concerns around the opening of the Strait of Hormuz as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those who violated the proposed rules.
Brent crude futures rose 99 cents, or 1.2%, to $83.48 a barrel by 0010 GMT. U.S. West Texas Intermediate futures rose 85 cents, or 1.1%, to $78.84. Oil futures settled up at over $3 a barrel on Thursday (August 6, 2026) as Iran reviewed a bill to ban U.S. and Israeli vessels from the Strait of Hormuz where roughly a fifth of the world’s oil and liquefied natural gas transmitted before the war began at the end of February.
– Reuters
