Oil: Brent Rises More Than 4%

Brent extended its gains, rising more than 4% to $82.8 per barrel on Thursday, after reports that an Iranian parliamentary committee is analyzing a draft proposal outlining restrictive conditions for ship traffic through the Strait of Hormuz. Under the proposal, Iran would prohibit US and Israeli vessels from transiting Hormuz and require countries deemed hostile to pay compensation before being granted passage. Tehran also proposed imposing penalties on violators equivalent to 20% of the value of the cargo carried by a vessel and stated that a full reopening of the strait would depend on the lifting of the US maritime blockade. Meanwhile, Houthi forces in Yemen claimed on Thursday to have launched attacks on Saudi troop positions, adding to geopolitical concerns across the region. Earlier in the day, US officials reiterated their confidence that a nuclear agreement with Iran was within reach, although investors remained cautious about the prospects for a durable and lasting peace.