Oil prices rise after Iran says it stopped ships in Hormuz

Oil prices climbed more than 1% on Friday after Iran's Revolutionary Guards said they had stopped two vessels attempting to exit the Strait of Hormuz, adding fresh uncertainty to global energy markets already strained by a five-month conflict between the United States and Iran.

Hormuz Standoff Continues

Iran said its forces stopped two ships and turned back four others seeking to transit the strait, a narrow waterway between Iran and Oman that normally carries about one-fifth of the world's energy shipments. The Iranian reports could not be independently confirmed, following a similar unverified claim earlier in the week.reuters

Despite the reported intervention, two large tankers carrying oil loaded from the Gulf were recorded passing through the strait, along with two commodities vessels, according to shipping data from Kpler. A body set up by Iran to manage the strait said crossings remained impossible due to "continued aggressive actions by U.S. military forces in the region," adding that transit permits would be issued gradually once stability returned.reuters

Brent crude futures were on track to rise 23% in July, and economists polled by Reuters Thomson Reuters Corporation ↗ 2.92% expect prices to climb further this year.reuters

Regional Tensions Escalate

The shipping disruption came amid broader hostilities. Iran's army said it targeted U.S. military facilities in Kuwait and Bahrain on Friday in response to joint U.S.-Saudi strikes on Iranian-allied forces in Iraq earlier in the week. Kuwait said it destroyed attacking drones with some damage from falling debris but no casualties.reuters

Egypt's Mediterranean port of Damietta was also struck by an unidentified drone earlier in the week, causing fires on two vessels. Iran denied involvement, with Foreign Minister Abbas Araqchi warning against "Israeli plots and false-flag operations". London's marine insurance market widened its "high risk" zone in the Red Sea, while Saudi Arabia unveiled plans for a multinational maritime defense coalition.reuters

ADNOC Expands Fleet Amid Disruption

Separately, Abu Dhabi National Oil Co purchased five very large crude carriers from Frontline ↘ 0.75% for about $590 million, expanding its fleet as the dual crises in the Red Sea and Strait of Hormuz tighten tanker supply. Two 2012-built vessels cost about $115 million each, while three built in 2015 were purchased for roughly $120 million each. ADNOC Logistics & Services has also ordered 25 to 30 new vessels from various shipyards, including crude tankers, LNG carriers, and LPG carriers. The acquisitions reflect a broader push by Gulf producers to control more of their supply chains as traditional shipping routes remain disrupted.reuters+1