Iran Blocks Strait of Hormuz, Sending Oil Prices Soaring

Oil prices rose on Friday after Iran said it had stopped two vessels from exiting the Strait of Hormuz, highlighting concerns over global energy supplies.

The move came after a drone attack on ships in an Egyptian Mediterranean port earlier this week, which sparked worries about regional stability and oil shipments.

Iran claimed to have intervened with four other tankers, although its reports could not be independently confirmed. Two large oil tankers were recorded passing through the strait, a narrow waterway between Iran and Oman that normally carries one-fifth of global energy shipments.

Benchmark Brent crude futures rose more than 1% on Friday, and are on track to increase by 23% in July. Economists polled by Reuters expect prices to rise further this year.