Oil prices have risen after the news that Iran has drafted a law to shut off a key shipping route off the Strait of Hormuz, along with the strike in Norway, which has already restricted crude oil output.

Brent crude rose 25 cents to $97.59 a barrel while US crude rose by 38 cents to $84.13.

Iran’s crude oil exports have dropped by 40%, with investors awaiting crude inventory data from the US, reported Reuters.