Oil rises amid supply fears on Iran's draft plan for Strait of Hormuz
Oil prices remained stable as markets await a potential agreement to secure navigation through the Strait of Hormuz. Meanwhile, Iran has drafted a plan that could restrict transit for certain nations.
Why it matters
The Strait of Hormuz is a critical global energy chokepoint; any disruption to transit could significantly impact global oil supply and prices.
Oil prices were little changed Friday as investors waited for an agreement teased by the Trump administration earlier this week to open the Strait of Hormuz to freedom of navigation.
Brent crude , the international benchmark, fell 36 cents to $82.13 a barrel. U.S. West Texas Intermediate futures lost 4 cents to $77.25 per barrel. Prices are down about 9% for the week.
Treasury Secretary Scott Bessent told CNBC on Tuesday that an agreement to open Hormuz with freedom of movement could come as soon as Wednesday. President Donald Trump and Secretary of State Marco Rubio had also indicated that an agreement was imminent.
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