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| Commercial oil tankers transit the Strait of Hormuz as regional tensions continue to raise concerns over global energy supplies and shipping security. |
Oil Prices Rise as Iran Reports Blocking Ships in Strait of Hormuz
CAIRO/DUBAI — July 31, 2026
Oil prices climbed on Friday after Iran said it had stopped two ships attempting to leave the Strait of Hormuz, adding to concerns about global energy supplies during the ongoing regional conflict. Iranian media also reported that four other vessels turned back after Iranian forces intervened, although these claims could not be independently verified.
Shipping data showed that two large oil tankers carrying Gulf crude and two other cargo vessels successfully passed through the strategic waterway between Iran and Oman. However, the available tracking data does not include ships that may be sailing with their tracking systems switched off.
The Strait of Hormuz normally carries about one-fifth of the world's oil and liquefied natural gas shipments. Since the conflict began several months ago, Iran has severely disrupted commercial traffic through the passage. At the same time, Yemen's Houthi movement has threatened shipping through the Bab el-Mandeb Strait, creating additional pressure on global energy routes.
Brent crude prices gained more than 1% as traders reacted to the latest developments. The benchmark oil price was also on course for its strongest monthly increase in months, reflecting continued uncertainty over Middle East supply routes.
Despite the tensions, there were no reports of fresh U.S. military strikes on Iran overnight. U.S. President Donald Trump said he still believed a diplomatic agreement with Tehran was possible but also expressed frustration with Iranian negotiators, warning that military action could continue if talks failed.
Iranian authorities said the Strait of Hormuz remains effectively closed because of what they described as ongoing U.S. military operations in the region. Officials said shipping requests would be reviewed once security conditions improve.
Meanwhile, Iran said it launched attacks on U.S. military facilities in Kuwait and Bahrain in response to recent American strikes. Kuwait reported intercepting drones with no casualties, while Bahrain had not commented at the time of publication.
Regional shipping concerns have expanded beyond Hormuz. Earlier this week, an unidentified drone struck two vessels at Egypt's Mediterranean port of Damietta, damaging both ships. No group has claimed responsibility for the attack, and Iran denied any involvement.
Iranian Foreign Minister Abbas Araqchi described Egypt as an important regional partner and rejected allegations linking Tehran to the incident. He also accused Israel of attempting to increase regional tensions through what he called false-flag operations. Israeli authorities had not responded to those claims.
Growing threats in the Red Sea have prompted Saudi Arabia to propose a multinational maritime defence coalition to help protect international shipping and energy exports. Insurance companies have also expanded high-risk zones for vessels operating near parts of the Red Sea, raising concerns about higher shipping costs.
As risks increase along traditional routes, more Saudi oil cargoes are being redirected through the Red Sea, the Suez Canal and Egypt's SUMED pipeline. For customers in Asia, however, these alternative routes require significantly longer journeys around Africa.
Officials in Oman are continuing discussions with Iran over a proposal that would establish a new system to manage traffic through the Strait of Hormuz. Although Tehran has publicly rejected the proposal, Iranian officials have confirmed that negotiations are still taking place.
