Iran's Islamic new Guard Corps said no unauthorized vessels transited the Strait of Hormuz overnight following reports of damaged navigation infrastructure in the strategic waterway. The IRGC provided no details on the cause or extent of the damage.
Brent crude futures rose 1.1 percent to $87.90 a barrel in early European trading. Roughly one-fifth of global oil supply passes through the strait daily, including nearly all exports from Saudi Arabia and Iraq.
Iran's Foreign Ministry spokesman Hossein Amirabdollahian said the country maintains full control over its territorial waters and remains committed to ensuring safe passage for legitimate maritime traffic. The U.S. Fifth Fleet, which oversees naval operations in the region, has not issued a public statement.
A sustained rise in energy costs would pressure inflation across major economies and complicate central bank rate-cutting expectations. The yield curve could flatten as longer-duration bonds price in persistent inflation risk while short-term rates remain elevated.
