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, sparking concerns over global energy supplies. The incident underscores the ongoing tensions in the region following a drone attack on ships in an Egyptian port this week.

The Iranian reports claimed that four other tankers turned back after its forces intervened, although these claims could not be independently confirmed. Two large tankers carrying oil were recorded passing through the strait, which normally carries about one-fifth of the world's energy shipments.

Brent crude futures rose more than 1% on Friday, with traders citing the Iranian reports. Benchmark Brent crude futures are on track to rise 23% in July, and economists and analysts polled by Reuters expect prices to continue rising this year.