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Oil up 1% as Iran halts Strait of Hormuz ships

Oil prices rose after Iran announced that it had stopped two ships attempting to pass through the Strait of Hormuz, a move that sparked concerns over disruptions to global energy supplies, despite no independent verification of Iran's claim. Tehran also reported the return of four tankers following intervention by its forces. Meanwhile, two large vessels continued to transit, along with two ships carrying essential goods through the strait, although tracking reports indicated restrictions on the passage of some vessels. Escalating tensions between Iran and the United States have increased pressure on major energy routes, prompting diplomatic and military efforts to ensure the security of navigation, amidst moves by Saudi Arabia and Oman to protect global oil supplies.

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