Oil prices have risen due to heightened tensions between the United States and Iran in the Strait of Hormuz, where Washington and Tehran have taken commercial vessels. Brent crude, the international benchmark, topped $106 per barrel early on Friday morning, up nearly 5 percent from its closing price on Wednesday. This comes as US President Donald Trump stated that vessels will need permission from the US Navy to transit the key maritime route. The situation remains at a standstill as Iran demands the right to decide which vessels may pass and the US blocks Iran's maritime trade.