Oil prices rose on Thursday following reports that Iranian forces seized three vessels in the Strait of Hormuz. Brent crude traded near $103 per barrel, reflecting market concerns over potential supply disruptions in the strategic waterway.
The United States stated it has no set time frame for ending the ongoing conflict in the region. A State Department spokesperson emphasized that the US remains committed to diplomatic efforts but declined to provide a specific timeline for resolution.
Iranian officials declared that reopening the Strait of Hormuz is 'not possible' under current conditions, citing security and sovereignty concerns. The strait is a critical chokepoint for global oil shipments, with about 20% of the world's petroleum passing through it daily.
The seizures mark an escalation in tensions, with Iran accusing the vessels of violating maritime regulations. The US and allied navies have increased patrols in the area to ensure freedom of navigation, though no further incidents have been reported since the initial seizures.
