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Iran says it intercepted tankers in Strait of Hormuz, oil prices jump
Iran's claim that it stopped two tankers in the Strait of Hormuz and a drone attack on Egypt's Damietta Port fueled concerns over global energy supplies. Brent crude prices rose more than 1% on Friday.
Iran's announcement that it intercepted oil tankers in the Strait of Hormuz heightened regional tensions and jitters in global energy markets. Brent crude prices rose more than 1% on Friday.
Iran's Claim of Intervention in the Strait
Iran claimed it had stopped two large oil tankers trying to exit the Strait of Hormuz, and that four other tankers turned back after its intervention. The events in this strategic waterway, through which a fifth of global oil shipments pass, combined with threats by Iran's Houthi allies against the Bab el-Mandeb Strait in the Red Sea, are also putting Saudi Arabia's export routes at risk.
Oil Prices Surge in July
Brent crude futures rose more than 1% on Friday and are on track for a 23% gain in July. Economists and analysts polled by Reuters predict prices will rise further for the rest of the year.
US-Iran Tensions Escalate
US President Donald Trump said in an interview with Fox News that the war was going well but gave no details. Speaking at a cabinet meeting at Camp David, Trump said he still believed a deal could be reached with Iran, but added that Tehran "frequently breaks its promises" and said he would "hit them." The US Central Command (CENTCOM) announced on Thursday that it continued to blockade Iran's oil exports via the Persian Gulf and had successfully completed a heavy wave of airstrikes.
Iran Announces Retaliation
The Iranian military announced on Friday that it had targeted American military facilities in Kuwait and Bahrain in retaliation for US strikes. The statement said the attack on a house on Qeshm Island near the Strait of Hormuz was cited as justification. The Kuwaiti army reported that it destroyed the attacking drones, and that some damage occurred from falling debris but no casualties. There has been no statement from Bahrain.
Mysterious Attack at Damietta Port
According to a statement by the Egyptian cabinet on Thursday, a drone attack caused a fire on two ships at Damietta Port, about 160 kilometers from the Suez Canal. No one has yet claimed responsibility for the attack. Iranian Foreign Minister Abbas Araghchi stressed that Tehran had no involvement in the attack and called on all parties to remain vigilant against "Israeli conspiracies and false flag operations." The Israeli prime minister's office did not immediately respond to Reuters' request for comment.
Saudi Arabia Announces Maritime Security Coalition
Iran's Houthi allies opened a new front in the Iran war on July 20 by declaring a naval blockade against Saudi Arabia. Following the recent attacks, the London marine insurance market expanded the "high risk" zone in the Red Sea to include the coastline adjacent to Saudi ports. Saudi Arabia on Thursday announced plans for a multinational maritime defense coalition aimed at protecting international shipping and energy supply routes in the Red Sea region.
Oman's Mediation Offer
According to sources close to the matter speaking to Reuters, Oman presented Iran with a plan for the governance of the Strait of Hormuz that is backed by Gulf countries and includes voluntary tolls on transits. Although Iran publicly rejected the plan, the semi-official ILNA news agency quoted Foreign Ministry spokesperson Esmaeil Baghaei as saying that talks with Oman were ongoing. Meanwhile, according to data from market intelligence firm Kpler, increasing volumes of Saudi oil are being diverted via the Red Sea to the Suez Canal and SUMED pipeline. For Asian customers, however, this diversion forces a longer route around Africa.
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