Oil climbs as Iran weighs Strait of Hormuz ban on U.S. and Israeli ships

Oil settled higher by about $3 a barrel after Iran’s parliament committee reviewed a preliminary bill to ban U.S. and Israeli vessels from the Strait of Hormuz, with violators potentially facing fines up to 20% of cargo value. Brent crude ended at $82.49 a barrel and WTI at $77.29, as traders weigh the risk of supply disruptions through the Hormuz chokepoint, which handles roughly a fifth of global oil and LNG flows. The market also tracked regional tensions, including Houthis attacks in Yemen, which add to geopolitical risk for energy shipments.