Iran Blocks Strait of Hormuz, Sending Oil Prices Soaring

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. According to Iranian reports, four other tankers turned back after its forces intervened.

The Strait of Hormuz is a narrow waterway between Iran and Oman that normally carries about one-fifth of the world's energy shipments. Two large tankers carrying oil loaded from the Gulf were recorded passing through the strait on Friday, but two other commodities vessels also transited, according to shipping data from Kpler.

The Iranian reports caused a surge in oil prices, with benchmark Brent crude futures rising over 1% on Friday. This comes as economists and analysts polled by Reuters expect prices to rise further this year.

U.S. President Donald Trump said the war was going well, but did not provide details. Meanwhile, Iran's army said it targeted U.S. military facilities in Kuwait and Bahrain on Friday in response to the U.S. attacks.