Oil Jumps on Iran Bill Barring Israeli and U.S. Ships From Strait of Hormuz

An Iranian parliamentary committee is reviewing a preliminary bill that would bar United States, Israeli and other vessels Tehran deems hostile from transiting the Strait of Hormuz, a member of parliament said in remarks carried by Iranian state media. The draft would fine violators up to 20 percent of their cargo's value and would also exclude countries and individuals Tehran says have harmed Iran until that damage is compensated. The lawmaker said the text is still under expert review, with specialists invited to submit recommendations before it is finalized. Brent crude rose 3.89 percent to $82.54 a barrel on the report, while West Texas Intermediate gained 3.31 percent to $77.71.