Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, a narrow waterway between Iran and Oman that normally carries about one-fifth of the world’s energy shipments.
Iran’s Actions Spark Concerns
Iran said four other tankers turned back after its forces intervened, although the Iranian reports could not be independently confirmed. Two large tankers carrying oil loaded from the Gulf were recorded passing through the strait.
The rise in oil prices has been attributed to concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port this week. Iran has denied any involvement in the attack.
US Involvement
US President Donald Trump said the war with Iran was going well, but did not provide further details. The US has been involved in a conflict with Iran, with joint US-Saudi strikes on Iranian-allied forces in Iraq.
The situation in the Strait of Hormuz has led to a rise in oil prices, with benchmark Brent crude futures on track to rise 23% in July. Economists and analysts expect prices to rise further this year.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
