Oil prices surged after Iran closed the Strait of Hormuz following a vessel incident and warned of severe retaliation. The US demanded free passage as mediators tried to arrange talks.
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Iran closed the Strait of Hormuz after what state media described as an "unauthorised" vessel was struck in the waterway, the country's military said. Tehran warned of a "severe response" if any further violations occur. The United States called on Iran to cease attacks and guarantee free passage through the chokepoint, which handles roughly 20% of the world's oil supply.
Brent crude jumped more than 3% on the news, with traders pricing in the risk of a prolonged disruption. Qatari mediators held talks in Tehran on Friday, according to regional officials, part of a broader effort to de-escalate tensions between Iran and the US.
Separately, Iran's new supreme leader vowed vengeance for the assassination of his predecessor, a threat that has kept security premiums elevated across the Persian Gulf. The combination of the Hormuz closure and the leadership succession crisis has pushed oil closer to multi-month highs, though some analysts said the move appeared more political than operational.
The Strait remained closed as of Friday evening, with no timeline for reopening. Shipping sources said at least two tankers were anchored outside the channel awaiting passage.
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