Iran Blocks Shipping Through Strait of Hormuz as Oil Prices Rise

Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global energy supplies.

The Iranian reports, which could not be independently confirmed, stated that four other tankers turned back after Iranian forces intervened. Two large oil tankers carrying cargo from the Gulf were recorded passing through the strait, a narrow waterway between Iran and Oman that normally carries about one-fifth of the world's energy shipments.

The rise in oil prices was more than 1%, with Brent futures settling up $1.09, or 1.2%, at $90.12 a barrel, while U.S. West Texas Intermediate (WTI) futures closed up $1.08, or 1.3%, at $84.67 a barrel.

In related news, the U.S.-Saudi strikes on Iranian-allied forces in Iraq earlier this week have been met with no new reports of U.S. attacks on Iran overnight between Thursday and Friday. U.S. President Donald Trump stated that 'all you can do is keep winning, then eventually something will happen', without giving details.