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.

Tim Stewart, president of the U.S. Oil & Gas Association, provides insight into the volatile oil market amidst escalating Middle East tensions and President Donald Trump's warnings to Iran.

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.

Commonwealth Bank of Australia said in a note on Friday that stronger oil flows through the Strait of Hormuz had eased market concerns after U.S.-Iran strikes earlier this week.