"Brent crude, the international benchmark, topped $106 per barrel early on Friday morning as Washington and Tehran stepped up their confrontation over the key maritime route for transporting the world's energy."
"Shipping in the Strait of Hormuz, which normally carries about one-fifth of the world's supply of oil and natural gas, remains at a standstill as Iran continues to demand the right to decide which vessels may pass."
"Trump said in a Truth Social post on Thursday that he had ordered the US Navy to destroy any Iranian boats laying mines in the strait, shortly after the Pentagon announced that it had seized a tanker carrying sanctioned Iranian oil."
Oil prices have increased significantly, with Brent crude surpassing $106 per barrel amid rising tensions between the US and Iran in the Strait of Hormuz. The US Navy has been ordered to control vessel transit in the area, following Iran's capture of foreign cargo ships. The Strait of Hormuz is crucial for global oil and gas supply, and the ongoing conflict has led to a standstill in shipping. US stocks also experienced a decline as the situation escalated.
Read at www.aljazeera.com
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