Oil prices rose on Friday after Iran said it had stopped two vessels seeking to exit the Strait of Hormuz, underscoring concerns over global energy supplies following a drone attack on ships in a Mediterranean Egyptian port this week.

Oil prices settled more than US$1 higher on Friday, recording their biggest monthly gain since March, supported by developments in the Middle East.Brent crude futures rose US$1.09, or 1.2 percent, to settle at US$90.

Key takeaways ・Oil prices gained more than 1 per cent after Iran said its forces stopped two vessels attempting to leave the Strait of Hormuz. ・Iran also claimed four tankers turned back, although the reports have not been independently confirmed.

Oil prices are expected to rise further this year as shipping ​disruptions in the Strait of Hormuz and attacks in the Red Sea by Iran-backed Houthis threaten oil ‌flows and heighten supply risks, a Reuters poll showed.