Crude oil prices rose Thursday after Iranian state news published a draft plan with restrictive conditions for ship traffic in the Strait of Hormuz.

Treasury Secretary Scott Bessent sits down with 12News journalist Mark Curtis in Arizona for an interview. REPORTER: There are some who have speculated the Strait will never go back to being the way it was before.

Iran's parliament is reviewing a plan to ban ships linked to the U.S., Israel and other "hostile countries" from transiting the Strait of Hormuz. The Trump administration has rejected the plan.

A ship was struck by a projectile in the Strait of Hormuz Saturday as Tehran demanded the U.S. "accept" its condition to reopen the vital waterway.

Yemen's Houthi rebels launch fresh attacks on Saudi-backed government troops, says Yemeni state media, as Cruz says Trump must seek "regime collapse."

The war in the Persian Gulf has taken another turn as a new alliance has come to pass in West Asia. Saudi Arabia, Pakistan and Turkiye, three largely Sunni-Muslim nations, have come together to make defence pact amid rising escalation and threats from Iran.