Global oil prices have risen sharply amid escalating tensions between the United States (US) and Iran in the Strait of Hormuz, following a series of reciprocal seizures of commercial vessels that have effectively disrupted one of the world’s most critical energy corridors.
Brent crude, the international benchmark, climbed above $106 per barrel in early trading on Friday, marking its highest level in weeks. At around 01:00 GMT, Brent stood at $106.80, reflecting an increase of nearly 5 percent from Wednesday’s close, when prices first crossed the $100 mark in two weeks.
The spike in oil prices has coincided with broader market jitters. US equities fell overnight, with the S&P 500 index slipping 0.41 percent and the Nasdaq Composite declining 0.89 percent, reflecting investor concern over potential supply shocks and geopolitical escalation.
Shipping through the Strait of Hormuz – through which roughly one-fifth of the world’s oil and liquefied natural gas passes – has slowed significantly. Maritime traffic is reported to be near a standstill as Iran asserts greater control over vessel passage, while the United States moves to restrict Iranian maritime activity in response to sanctions enforcement.
US President Donald Trump said in a post on Truth Social that he had directed the US Navy to target Iranian boats laying mines in the strait, escalating Washington’s posture in the disputed waterway. He also stated that no vessel would be allowed to enter or exit the strait without US Navy approval, describing the area as “sealed up tight” until Iran agrees to a deal.
His comments followed the Pentagon’s announcement that it had seized a tanker carrying sanctioned Iranian oil for the second time in less than a week, intensifying the tit-for-tat confrontations at sea.
Iran’s Islamic Revolutionary Guard Corps (IRGC) has also confirmed the seizure of two foreign-flagged cargo vessels, including the Panamanian-registered MSC Francesca and the Greek-owned Epaminondas. The IRGC said the ships were detained for allegedly operating without proper permits and interfering with navigation systems, claims that have been strongly disputed by Greek authorities, who maintain that the Epaminondas remains under the captain’s control.
According to maritime monitoring data, only nine commercial vessels passed through the Strait of Hormuz on Wednesday, compared to 15 on Monday. This marks a steep decline from the pre-conflict average of around 129 daily transits, underscoring the scale of disruption in the waterway.
As tensions continue to mount between Washington and Tehran, concerns are growing over the potential for further escalation in a region that remains central to global energy security.
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