Iran Blocks Ships from Exiting Strait of Hormuz, Spiking Oil Prices
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 incident is part of a broader conflict in the region, with Iran's Houthi allies in Yemen threatening the Bab el-Mandeb strait at the other end of the Red Sea from the Suez Canal.
According to Iranian reports, four other tankers turned back after its forces intervened, although the claims could not be independently confirmed.
The Strait of Hormuz is a critical waterway for global energy shipments, and any disruption can send shockwaves through the market. Benchmark Brent crude futures are on track to rise 23% in July, with economists and analysts polled by Reuters expecting prices to increase further this year.