Oil settles up $3 as Iran reviews bill to ban US, Israeli vessels from Hormuz
XLE•Oil settles higher on Iran Strait of Hormuz bill review
HOUSTON, Aug. 6 (Reuters) - Oil prices settled up by more than $3 a barrel on Thursday on news an Iranian parliament committee is reviewing a bill that would ban U.S. and Israeli vessels from the Strait of Hormuz and fine violators up to a fifth of the value of their cargo.
Brent crude futures LCOc1 settled up $3.04, or 3.83%, to $82.49 a barrel. U.S. West Texas Intermediate futures CLc1 settled up $2.07, or 2.75%, to $77.29.
An Iranian lawmaker said a parliament committee is reviewing a preliminary bill to ban U.S., Israeli and other vessels deemed hostile from the Strait of Hormuz, and fine violators of the proposed restrictions up to 20% of cargo value, according to Fars news agency.
"Crude traders remain focused on the U.S./Iran agreements, and the longer the delays, the more prices will fade back to the upside," said Dennis Kissler, senior vice president of trading at BOK Financial.
