Oil Prices Soar Amid Strait of Hormuz Blockade

Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, citing continued aggressive actions by US military forces in the region. This move has heightened concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port earlier this week.

The Iranian reports state that four other tankers turned back after its forces intervened, although these claims could not be independently confirmed.

Tankers carrying oil from the Gulf were recorded passing through the strait, but two commodities vessels also transited with their transponders off, according to shipping data from Kpler.