Oil rises on concerns over Strait of Hormuz reopening plans

Oil continued its rise on Friday 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. US West Texas Intermediate futures rose 85 cents, or 1.1%, to $78.84. Oil futures settled ​up at over $3 a barrel on Thursday as Iran reviewed a bill to ​ban US 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.