Hormuz Blockade Sends Oil Prices Soaring

Oil prices rose by over 1% on Friday after Iran halted vessels in the Strait of Hormuz, sparking concerns about global energy supplies. The move has led to wider supply disruptions and higher energy costs.

The Strait of Hormuz is a critical waterway between Iran and Oman, through which approximately one-fifth of the world's energy supplies pass. Iran had blocked most shipping through the strait since the start of the five-month conflict.

Brent futures are on track to rise by about 23% in July, with economists and analysts surveyed by the agency expecting further price increases this year. The US Central Command has stated that US forces continue to block Iranian oil exports through the Gulf.