Oil prices edged higher on Friday on further concerns surrounding the reopening of the Strait of Hormuz and potential Iranian bans and fines on vessels it deems hostile or in violation of proposed rules. Analysts said that this week’s developments have signalled that hostilities between Iran and the US are not yet over. Oil prices are reacting to Iran’s published draft plan for Hormuz transit conditions, said Rystad Energy analyst Lin Ye. Iran is seeking fees of between 5% and 7% of the price of cargoes from ships using the strait, a senior Iranian official said. Higher interest rates raise consumer costs, which can reduce economic growth and demand for oil.