Tehran (Commerce Desk) Rising tensions between the United States and Iran in the Strait of Hormuz have led to a significant increase in global crude oil prices.
According to a report by Al Jazeera, Brent crude rose to $106.80 per barrel on Friday morning, about 5% higher than Wednesday levels. Earlier, prices had also crossed the $100 per barrel mark.
Arab media reports say tensions escalated after both countries took action against each other’s commercial vessels, further worsening the maritime situation in the region.
The Strait of Hormuz, through which around one-fifth of the world’s oil and gas supply passes, is reportedly under severe pressure, with some reports indicating disruptions in shipping traffic.
US President Donald Trump said in a statement that every vessel passing through the Strait of Hormuz will require permission from the US Navy. He also warned that any attempt by Iranian boats to lay mines would be targeted.
