Global oil prices surged 3.8% after Iranian state media published a draft plan imposing strict limits on transit through the Strait of Hormuz, while there remains no sign of the agreement to open the strait that the U.S. had promised.
Foreign news agencies reported that global crude oil prices rose on Thursday, 6 Aug 2026 GMT+7, following the release by Iranian state media of a draft plan imposing strict conditions limiting vessel passage through the Strait of Hormuz, rekindling concerns over oil supply.
Brent crude oil, the international benchmark, rose 3.8%, closing at $82.49 per barrel, while U.S. West Texas Intermediate (WTI) crude increased about 2.8%, closing at $77.29 per barrel.
Earlier, oil prices had fallen about 8% earlier in the week after U.S. Treasury Secretary Scott Bessent told CNBC on Tuesday that an agreement to open the Strait of Hormuz for free navigation might occur as soon as Wednesday, but so far no progress has been seen.
Regarding Iran, although no official agreement has been announced, reports indicate that Iran and Oman are jointly drafting an agreement to designate transit routes in the Strait of Hormuz, with inbound vessels to use Iranian waters and outbound vessels to use Omani waters.
However, on Thursday, the Fars News Agency, an Iranian state media outlet, published an initial draft plan setting much stricter conditions for navigation through the Strait of Hormuz, stating the draft is under review by Iran’s parliamentary commission.
According to the draft, Iran would strictly prohibit U.S. and Israeli vessels from transiting the strait. Other countries causing damage to Iran would be barred from passage until compensation is paid. Tehran would also penalize violators with fines equal to 20% of the cargo’s value on the vessel.
Meanwhile, Yemen’s Houthi group, an Iranian ally, claimed on Thursday to have attacked Saudi military forces gathered in central Yemen and targeted Saudi oil tankers in the Red Sea near the port city of Yanbu, a strategic point used to reroute the Gulf of Hormuz.
Additionally, the United Kingdom Maritime Trade Operations (UKMTO) reported that on Wednesday, another oil tanker heard two explosions off the coast of Oman while passing through the Strait of Hormuz. The UKMTO confirmed that the crew and vessel were safe.
Source:cnbc