Brent oil tops $110 again

Oil prices were higher on Friday after two Chinese ships were prevented from transiting the Strait of Hormuz, indicating that Iran continues to block traffic through the vital sea route.

International benchmark Brent crude futures with May delivery rose 2.82% to $111.06 per barrel, while U.S. West Texas Intermediate futures with May delivery also advanced 2.68% to $97.01.

Two ultra large container vessels owned by China Ocean Shipping Company tried to pass through the Strait but were turned back, according to the ship tracking firm MarineTraffic.

China is an ally of Iran and the Islamic Republic has previously said friendly ships can pass through the Strait.