Oil prices rise as blockade in Strait of Hormuz disrupts global supply

A U.S. naval blockade in the Strait of Hormuz has significantly disrupted global oil shipments, with reports indicating over 20 commercial vessels passed through in the past 24 hours despite the restrictions. Financial institutions ANZ and Nomura warn the blockade could remove up to 12.3 million barrels per day from the market, leading ANZ to raise its Brent crude forecast to $90 per barrel. Saudi Arabia has urged the U.S. to lift the blockade on Iran, while a sanctioned Chinese tanker managed to pass through the strategic waterway.