Oil prices rise after Iran claims it stopped ships in Hormuz Strait

Oil prices climbed Friday as Iran announced it had stopped two vessels attempting to exit the Strait of Hormuz. The move heightened concerns about global energy supplies, particularly after a drone attack on ships in an Egyptian port earlier this week.

Iran claimed its forces intervened, causing four other tankers to turn back. However, these reports remain unconfirmed by independent sources. Shipping data indicated that two large oil tankers and two other commodities vessels successfully passed through the strait, which normally handles about one-fifth of the world's energy shipments. Some ships have reportedly negotiated passage with Tehran, drawing criticism from Washington.

The Strait of Hormuz, a vital waterway between Iran and Oman, has seen disruptions since the start of a five-month conflict. Iran's Houthi allies in Yemen have also threatened the Bab el-Mandeb strait, another critical export route for Saudi crude.

Benchmark Brent crude futures were on track for a 23% rise in July, with analysts expecting further price increases this year. The developments occurred amidst escalating tensions, including U.S.-Saudi strikes on Iranian-allied forces in Iraq. U.S. President Donald Trump commented that the "war was going well," without providing specifics.

An Iranian body managing the Strait of Hormuz cited "continued aggressive actions by U.S. military forces" for transit difficulties. Conversely, U.S. Central Command stated that U.S. forces were blockading Iranian oil exports and had completed a significant wave of strikes. Iran's army claimed to have targeted U.S. military facilities in Kuwait and Bahrain in retaliation for an attack on a house near the Strait of Hormuz.

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