Crude markets jumped more than three dollars a barrel on Thursday after reports surfaced that an Iranian parliamentary committee is weighing legislation to bar US and Israeli vessels from the Strait of Hormuz. The proposed measure would impose fines of up to 20 percent of cargo value on violators, according to Fars news agency, intensifying supply concerns in a region already on edge. Main Developments Brent crude futures climbed $3.09, or 3.89 percent, to $82.54 a barrel by 12:37pm EDT, while US West Texas Intermediate rose $2.49, or 3.31 percent, to $77.71. An Iranian lawmaker confirmed the committee is reviewing the preliminary bill, which targets vessels deemed hostile, as reported by Fars. The price rally reflects growing unease over potential disruption to a waterway that carried roughly one-fifth of global daily oil and liquefied natural gas supplies before the Iran conflict began in late February. Traders are closely watching US-Iran negotiations, with delays fueling upward pressure on prices, according to Dennis Kissler, senior vice president of trading at BOK Financial. Read also: Pakistan's Daily Fuel Pricing Shift: What the Latest Cut Means Background This latest spike follows a series of escalating incidents. Yemen's Houthis claimed responsibility for missile and drone attacks on Saudi deployments in Marib and Hadramout on Thursday, saying they killed or wounded hundreds of fighters and destroyed military infrastructure. The group also launched missile strikes on Saudi oil tankers near Yanbu and in the Gulf of Aden, though Saudi Arabia has not confirmed those incidents. Shipping data shows Gulf crude and condensate exports remained largely steady in July, about 40 percent below pre-war levels. Meanwhile, Iran has warned Gulf states that any new US attack would trigger retaliation against critical energy infrastructure, a threat aimed at raising the cost of military action for Washington and its regional allies. Why It Matters The potential ban on US and Israeli vessels through Hormuz threatens to choke a vital energy artery, with global markets already sensitive to supply disruptions. As John Kilduff, partner at Again Capital, noted, these attacks are a reminder that the Red Sea passageway remains in jeopardy, adding another layer of risk beyond the Persian Gulf. Although Houthi attacks have not yet significantly disrupted oil and gas supply, Roberto Cominotto, equity research analyst at Julius Baer, cautioned that this could change if attacks escalate further. The combination of legislative threats and active hostilities keeps traders on edge, with prices swinging as geopolitical tensions rise and fall. What's Next Market participants will be watching for progress on the Iranian bill and any US response, as well as continued Houthi activity in the Red Sea and Gulf of Aden. The effectiveness of Iran's warnings to Gulf states and the trajectory of US-Iran negotiations will likely determine whether prices hold their gains or retreat. Any confirmed disruption to shipping through Hormuz could trigger further spikes.