US-Iran war, Aug. 7 -- Oil continued its rise on Friday amid further concerns around the opening of the Strait of Hormuz as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those who violated the proposed rules.

Brent crude futures rose 99 cents, or 1.2%, to $83.48 a barrel. US West Texas Intermediate futures rose 85 cents, or 1.1%, to $78.84.

Oil prices rose by more than $3 per barrel on Thursday after Iran reviewed a proposed bill to bar US and Israeli vessels from passing through the Strait of Hormuz, a key shipping route that handled nearly one-fifth of global oil and liquefied natural gas (LNG) trade before the conflict erupted at the end of February.

Crude prices had declined ea...