Brent tops $83 as Iran draft on Hormuz fuels supply fears

Oil prices rose Friday after Iran published a draft plan that would tighten access to the Strait of Hormuz, reviving fears of supply disruption in one of the world's most important energy chokepoints. Brent crude climbed above $83 a barrel, while US West Texas Intermediate traded near $78. The proposal, which Iran is discussing with Oman, would block US and Israeli vessels from the strait and require compensation from other countries Iran deems hostile before passage. An Iranian lawmaker said a parliamentary committee is reviewing a bill that could also fine violators as much as 20% of cargo value. Traders had earlier expected progress toward reopening transit, but the draft signaled any deal could restore only conditional, not normal, flows.