CAIRO/DUBAI: Oil prices rose more than 1% on Friday after Iran said it stopped two vessels from leaving the Strait of Hormuz and forced four tankers to turn back.
Iranian authorities did not identify the vessels or provide independently verifiable evidence supporting the claims, Reuters reported.
Kpler shipping data separately recorded two large tankers carrying Gulf oil passing through the strait. Two other commodities vessels also completed transits. The data excludes ships whose tracking transponders are switched off.
Benchmark Brent crude futures remained on course for a 23% gain in July as traders assessed threats to Gulf and Red Sea energy routes. Reuters did not report final settlement prices in its intraday report.
The Strait of Hormuz carried about 20 million barrels of oil per day in 2024, equal to roughly 20% of global petroleum-liquids consumption, according to the US Energy Information Administration.
Iran’s Persian Gulf Strait Authority said regular crossings remained impossible because of US military activity. It said authorities would gradually issue transit permits after stability returned.
Read: Oil Prices Fall Over $1 but Head for 20% Monthly Gain
The Suez Canal and SUMED pipeline remained available for Saudi energy exports despite Houthi threats around the Bab el-Mandeb. Saudi Arabia also proposed a multinational coalition to protect Red Sea shipping routes.
Supply concerns intensified after an unidentified drone caused fires aboard two vessels at Egypt’s Mediterranean port of Damietta on July 29. No group claimed responsibility, while Iran denied involvement.
