Oil rises as Iran halts 2 vessels in Hormuz and 4 tankers turn back
What's new: Brent was up more than 1% and on track for a 23% July gain as traders weighed fresh shipping disruptions.
Oil prices climbed Friday after Iran said it stopped two vessels in the Strait of Hormuz and forced four other tankers to turn back, adding to fears of tighter global energy supplies. Iranian reports were not independently confirmed, but shipping data cited by Reuters showed at least two large tankers and two other commodities vessels still transited the waterway. Brent crude rose more than 1% and was headed for a 23% gain in July. The move follows a week of escalating conflict, including U.S. attacks on Iran, joint U.S.-Saudi strikes on Iran-backed forces in Iraq, and Houthi threats to shipping near Bab el-Mandeb. Analysts said prices remain highly sensitive to whether crude can keep moving through regional chokepoints.