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Oil prices rise amid Iran ships detention
Oil prices rose significantly on Friday following Iran's announcement of the seizure of two ships attempting to pass through the Strait of Hormuz, sparking fears of disruptions to global energy supplies. September Brent crude increased by 1.22%, reaching $90.12 per barrel, while West Texas Intermediate also climbed by 1.41% to $84.77. Iran confirmed that four other tankers changed course after its forces intervened, and two large oil-carrying ships were observed crossing the Gulf through the strait, which accounts for about 20% of global oil supplies. This has heightened concerns over possible disruptions in navigation and global energy markets. Additionally, many clients, especially in Asia, have turned to alternative routes via the Red Sea and the Suez Canal, which could prolong shipping times and impact markets.
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