Brent crude futures climbed nearly 4% on Thursday, extending a multi-day rally driven by escalating geopolitical risks in the Middle East.
The sharp price increase followed reports that Iranian state media published a draft plan imposing restrictive conditions on ship traffic through the Strait of Hormuz.
The development intensifies market anxiety over potential supply disruptions in one of the world’s most critical energy chokepoints.
With the Strait of Hormuz handling a significant share of global oil exports, any move to restrict or complicate vessel passage is viewed by traders as a direct threat to supply security.
The news comes as tensions between the United States and Iran remain elevated, with renewed military confrontations having already triggered a sharp rally in oil prices earlier in the week.
Brent crude had already reached its highest level in four weeks on Tuesday, reflecting growing market concern over the geopolitical standoff.