Oil prices jumped sharply on Friday as the United States and Iran intensified their confrontation in the Strait of Hormuz, a critical maritime chokepoint for global energy supplies. Brent crude topped $106.80 per barrel, up nearly 5% from Wednesday's close, when it first breached the $100 mark in two weeks.

US President Donald Trump, in a Truth Social post on Thursday, claimed to have ordered the US Navy to destroy any Iranian vessels laying mines in the strait. He also purportedly expanded the US naval blockade, asserting that no ship "can enter or leave" the waterway without US approval, calling it "Sealed up Tight" until Iran makes a "DEAL."

Iran's Islamic Revolutionary Guard Corps (IRGC) announced the seizure of two foreign cargo ships: the Panamanian-flagged MSC Francesca and the Greek-owned Epaminondas, alleging they endangered maritime security by operating without permits and tampering with navigation systems. However, the Greek Ministry of Maritime Affairs denied the capture, stating the vessel remains under its captain's control.

The standoff has severely disrupted shipping traffic. According to maritime intelligence platform Windward, only nine commercial vessels transited the strait on Wednesday, compared to seven on Tuesday and 15 on Monday. Before the US-Israel war against Iran began on February 28, the waterway averaged 129 daily transits, per UN Trade and Development data.

The crisis also weighed on US stock markets, with the S&P 500 falling 0.41% and the tech-heavy Nasdaq Composite dropping 0.89%. The Strait of Hormuz normally carries about one-fifth of the world's oil and natural gas supply, and the ongoing blockade threatens global energy markets.

Source: www.aljazeera.com