International oil prices rose sharply as shipping disruptions in the Hormuz Strait intensified. The benchmark Brent crude price exceeded $106 per barrel early Friday, reaching $106.80 by 1 a.m. GMT, about 5 percent higher than Wednesday’s closing price. The closure of the strait and vessel seizures by the United States and Iran have complicated the situation.

On Wednesday, oil prices had crossed the $100 mark for the first time in two weeks. The Hormuz Strait, a key global energy route, typically handles about one-fifth of the world’s oil and natural gas shipments. The current halt in maritime traffic has raised concerns about supply stability and market volatility.

Meanwhile, U.S. stock markets declined overnight, with the S&P 500 index down 0.41 percent and the technology-heavy Nasdaq Composite falling 0.89 percent, reflecting broader investor unease linked to the energy market turmoil.