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macroAug 7, 2026, 5:37 AM

Brent Crude Rallies Past $83 as Iran-Oman Strait Proposal Surprises

Brent crude oil rose above $83 a barrel, reversing the week's earlier losses, as reports of a draft Iran-Oman parliamentary proposal threaten stricter shipping conditions through the strategic strait.

Brent crude advanced beyond $83/bbl on Friday, erasing most of the week's earlier decline. The move came after news emerged of a draft proposal between Iran and Oman that would impose stricter conditions on commercial shipping through the Strait of Hormuz.

The draft, now under review by Iran's parliament, appears to go further than market expectations, raising concerns about potential supply disruptions from one of the world's most critical oil chokepoints. Details of the proposal remain sparse.

Separately, traders are bracing for the US nonfarm payrolls report later in the day, which could sway broader risk appetite and the dollar.

Source: FXStreet Forex News