23:45 - 6.08.2026

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August 6, Fineko/abc.az. Oil prices settled over $3 higher on Thursday following reports that an Iranian parliamentary committee is reviewing a bill to prohibit US and Israeli vessels from navigating the Strait of Hormuz, with fines up to 20% of cargo value for violators.

Brent crude futures rose $3.04, or 3.83%, to settle at $82.49 a barrel, while US West Texas Intermediate (WTI) crude gained $2.07, or 2.75%, to reach $77.29.

Escalating Middle Eastern tensions continued to drive market volatility, further fueled by Houthi missile and drone strikes targeting positions and oil tankers off the Red Sea and Gulf of Aden. Meanwhile, supply disruption fears extended beyond the Persian Gulf following a Ukrainian drone attack that set fire to a major oil refinery in Russia's Yaroslavl region.