WTI crude oil prices climbed higher on Friday morning in Asia as renewed tensions in the Strait of Hormuz unsettled global markets, casting fresh doubt over efforts to fully reopen the vital shipping route. Tensions were further heightened by a proposed Iran-Oman agreement governing the strategic waterway. Reports stated that Tehran seeks to prohibit United States (US) and Israeli vessels from transiting the strait and require countries deemed hostile to pay compensation before being granted passage. 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. Currently, the counter is quoting at $78.09 per barrel, up around 1% on the day. Brent is also up more than 1% at $83.49 per barrel.

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