Commodities
Iran Blocks Strait of Hormuz, Oil Prices Surge Over 1%
Oil prices rose over 1% on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, sparking concerns about global energy supplies.
The move comes amid a five-month conflict between Iran and its Houthi allies in Yemen, which has blocked most shipping through the Gulf since its start.
Iran's army said it targeted US military facilities in Kuwait and Bahrain on Friday in response to the US attacks, citing an attack on a house on Qeshm island where Iran began attacking shipping.
Saudi Arabia unveiled plans for a multinational maritime defense coalition aimed at protecting international shipping and energy supply routes in the Red Sea region.