Oil stays high on Iran shipping worries

Recent developments in the Strait of Hormuz and Iran's movements, along with its potential legislation to impose a ban on the passage of "hostile" ships, indicate increasing threats to the stability of maritime traffic and global oil flow. Oil prices stabilized after rising nearly 4% on Thursday, as markets assess the likelihood of preventing American and Israeli ships from crossing the strait, which could disrupt global trade. Rising concerns over escalating tensions between Iran and Western countries are also driving up oil prices, with expectations that any restrictions on navigation will lead to further price hikes and market tension in the oil sector.

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