Oil Climbs as Hormuz Transit Plan Raises Fresh Concerns

AI Summary

Oil prices have risen amid renewed concerns over the potential closure of the Strait of Hormuz. Iran, in coordination with Oman, suggested banning vessels deemed hostile, raising geopolitical tensions impacting global energy markets.

Oil extended gains on Friday amid further concerns around the opening of the Strait of Hormuz, as Iran, working with Oman, suggested banning vessels deemed hostile…