International oil prices rose on the 7th (local time) as the market kept a close eye on the details of the navigation negotiations for the Strait of Hormuz between Iran and Oman.

On this day, the settlement price for October delivery Brent crude on the ICE Futures exchange closed at $83.55 a barrel, up 1.3% from the previous session.

At the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for September delivery settled at $78.18 a barrel, a 1.2% increase from the previous session.

Reuters reported earlier that Iran and Oman have reportedly reached an agreement regarding the shipping routes passing through the Strait of Hormuz.

Reports indicate that Iran wants to collect a fee of 5% to 7% of the value of cargo utilizing the strait, while Oman has proposed a 3% fee.

On the other hand, the United States opposes any form of fee imposition regarding navigation through Hormuz.

The previous day, Brent crude futures surged 4% on news that Iran was pushing for legislation to ban U.S. and Israeli vessels from transiting the Strait of Hormuz.

Concerns have also grown as armed clashes between Saudi Arabia and Yemen's Houthi rebels have intensified, raising fears of a "second front" opening in the Middle East.

Saudi state news agency SPA reported that a Houthi attack on the 6th targeted the Najran region near Saudi Arabia's southern border, injuring civilians.