Oil Rises as Iran Stops Ships in Hormuz

Oil prices rose on Friday after Iran announced that it had intercepted two vessels attempting to leave the Strait of Hormuz, heightening concerns over global energy supplies.

Tehran claimed that four other tankers had turned back following the intervention by its forces, although the reports could not be independently verified. According to data from Kpler, two large oil tankers and two other cargo vessels transited the strait on Thursday.

Oil prices rose by more than 1% on Friday, while benchmark Brent crude futures were on track to gain 23% in July. Economists and analysts surveyed by Reuters expect prices to rise further this year.

Iran's military also announced on Friday that it had attacked US military facilities in Kuwait and Bahrain in response to recent US strikes. Kuwait said it had destroyed the attacking drones, with some damage caused by falling debris but no casualties.

Meanwhile, Iran denied responsibility for Wednesday's attack on ships in the Egyptian port of Damietta.

(Reuters, bak)