Commodities
Iran Blocks Vessels in Strait of Hormuz, Oil Prices Surge
Oil prices surged on Friday after Iran confirmed it had blocked two vessels from exiting the Strait of Hormuz, fueling concerns over global energy supplies.
The move follows a drone attack on ships in an Egyptian port earlier this week and comes as tensions between the US and Iran continue to escalate. Two tankers carrying oil were recorded passing through the strait, while four other vessels turned back after Iranian forces intervened.
Iran has been blocking most shipping through the Strait of Hormuz since the start of the five-month-old conflict, with its Houthi allies in Yemen threatening the Bab el-Mandeb, another key export route for Saudi crude.