Iran Blocks Ships at Hormuz Strait, Oil Prices Jump
Oil prices rose more than 1% on Friday after Iran said it had stopped two vessels from exiting the Strait of Hormuz, a narrow waterway between Iran and Oman that carries about one-fifth of the world's energy shipments. The development underscores concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port this week.
Iran has been blocking most shipping through the strait since the start of the five-month-old conflict, while its Houthi allies in Yemen have threatened the Bab el-Mandeb, another export route for Saudi crude. Benchmark Brent crude futures are on track to rise 23% in July, according to economists and analysts polled by Reuters.
US President Donald Trump said the war was going well, but added that he had lost faith in Iran's word, saying 'they break their word so often'. He also mentioned that a deal could still be reached with Iran through Special Envoy Steve Witkoff, his son-in-law Jared Kushner, and Secretary of State Marco Rubio.