Oil Prices Surge Amid Iran Strait of Hormuz Tensions
Oil prices rose significantly after Iran's statements about stopping ships in the Strait of Hormuz, sparking concerns about global energy supplies.
A drone attack on vessels in an Egyptian port earlier this week added to market fears of oil supply disruptions.
Tehran claimed to have stopped two vessels and turned back four more oil tankers, but Reuters notes that these claims could not be independently verified.
Despite the Iranian reports, at least two large oil tankers carrying cargo from the Gulf of Mexico passed through the Strait of Hormuz, which transports about a fifth of global energy supplies.
Brent crude oil futures are expected to gain around 23% in July, and economists forecast further increases in oil prices by the end of the year.