Oil rises on concern over escalating Middle East tensions

Oil rises on concern over escalating Middle East tensions

The Star Online - Business·2026-04-24 19:00

LONDON: Oil rose on Friday on concerns of a renewed military escalation in the Middle East after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz, and a lack of progress in re-opening the key waterway.

Navigation through the strait, which before the war carried about a fifth of global oil output, remains effectively blocked. Iran's capture of two cargo ships highlighted Washington's difficulties in trying to control the passage.

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