Oil prices rise amid Strait of Hormuz shipping concerns

Oil prices advanced on August 7 following heightened concerns over potential shipping disruptions in the Strait of Hormuz, Reuters reported.

Brent crude rose by $2.11 (2.6%) to $83.29 per barrel, while West Texas Intermediate (WTI) gained $1.84 (2.4%) to reach $77.93 per barrel. The surge was triggered by reports of an Iranian proposal to restrict U.S. and Israeli vessels passing through the vital waterway, which handles roughly a fifth of global maritime oil traffic.

Despite Friday's gains, both benchmarks closed the week down approximately 8% following sharp declines earlier in the session on hopes of diplomatic de-escalation.

N.Tebrizli⁠