Brent crude rose above $110 a barrel as uncertainty intensified over access to the Strait of Hormuz, a critical maritime route for global energy shipments. The international benchmark reached $111.41 on Friday morning after Iran's Islamic Revolutionary Guard Corps said it had turned back container ships seeking to cross the strait.
The IRGC said three vessels of different nationalities were warned away. It declared that ships traveling to or from ports belonging to countries it regarded as allies or supporters of Israel and the United States were prohibited from using the passage. The statement did not amount to evidence that all traffic had stopped, and Iran had separately told the United Nations that it would allow vessels it considered non-hostile to pass.
UPI reported that two of the turned-back container ships belonged to China Ocean Shipping Company. China is aligned with Iran, but the company's experience underscored uncertainty over how Iranian authorities were applying their restrictions. The company said the episode indicated that conditions in the waterway remained unstable.
The price move extended a sharp rise during the week. Brent gained 5.7% on Thursday before crossing $110 the following morning. Oil markets were responding both to the practical risk of interrupted shipping and to conflicting political signals about the conflict involving Iran, the United States and Israel.
US President Donald Trump said he had postponed a threatened attack on Iranian energy infrastructure for 10 days because discussions with Tehran were progressing. Iranian authorities denied that such talks were taking place. Trump also said Iran had permitted 10 oil tankers to pass during the week, while extending until April 6 a deadline for the strait to be opened. The incompatible accounts left traders without a clear view of whether escalation or accommodation was more likely.
The IRGC also warned civilians in the region to avoid areas near US forces. Its shipping declaration followed the US and Israeli attacks on Iran that began on February 28, according to the supplied reports, and formed part of a wider series of threats and military pressure.
Market effects extended beyond crude. UPI reported that major equity indexes were declining and that US diesel prices had risen substantially from their pre-war level. Those movements illustrate the economic exposure created when traffic through Hormuz becomes contested. The immediate verified development, however, was narrower: vessels were turned away, Iran announced selective restrictions, and Brent crossed $110 as participants priced the risk of further disruption.
