Iran drafts deal with Oman to ban US and Israeli ships from the Strait of Hormuz, with a fee structure and compensation requirement for "hostile" nations — a move that would give Tehran unprecedented control over the world's most critical oil chokepoint.
Brent crude spiked nearly 4% on the news, with oil extending gains after reports that Iranian naval forces struck "hostile targets" at the Hormuz entrance, spooking global markets.
