On Friday, oil prices saw an uptick after two Chinese vessels were blocked from navigating through the Strait of Hormuz, underscoring Iran’s ongoing obstruction of this crucial maritime passage.

Brent crude futures for May delivery climbed 2.82%, reaching $111.06 per barrel. Similarly, U.S. West Texas Intermediate futures for May delivery increased by 2.68%, settling at $97.01 per barrel.

China Ocean Shipping Company, which owns two ultra-large container ships, attempted to traverse the Strait but was forced to retreat, according to MarineTraffic, a ship tracking service. Despite China’s alliance with Iran, which has previously allowed friendly ships safe passage, this incident marks a significant change.

MarineTraffic noted that this represents the first effort by a major shipping line to navigate the strategic waterway since the conflict began. COSCO, the company in question, ranks as the fourth-largest shipping enterprise globally in terms of capacity.

The firm commented via social media, stating that “recent events indicate a continued high level of instability in the Strait of Hormuz.”

In parallel, U.S. President Donald Trump’s decision to grant Iran an additional 10 days to reopen the crucial Strait has done little to alleviate concerns over oil supply.

Trump said in a social media post on Thursday that talks with Iran were “going very well” despite “erroneous statements to the contrary by the Fake News Media, and others.”

As part of the announcement, the U.S. president said he would pause attacks on Iran’s energy infrastructure through to April 6. Iran has not yet commented on Trump’s latest remarks.

Speaking during a Cabinet meeting on Thursday, Trump also said that Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the U.S.

“They said, ‘To show you the fact that we’re real and solid and we’re there, we’re going to let you have eight boats of oil … and they’ll sail up tomorrow,’” Trump said, referring to Iran.

He added that the shipment ultimately grew larger. “They then apologized for something they said, and they said, ‘We’re going to send two more boats.’ And [it] ended up being 10 boats,” he said.

Markets have been closely monitoring developments in the Strait of Hormuz for signs of disruption or de-escalation, as tensions between Washington and Tehran continue to inject volatility into energy prices.

Trump’s remarks suggested that at least some oil shipments are continuing to move through the waterway, potentially easing immediate supply concerns.

However, analysts cautioned that the broader oil market remains increasingly fragile, even if isolated shipments resume.

“The oil market did not underreact to the disruption in the Strait of Hormuz; it absorbed it,” said Paola Rodriguez-Masiu, chief oil analyst at Rystad Energy.

“For nearly four weeks, markets have shown remarkable resilience … supported by a combination of pre-war surplus, crude-on-water, and policy barrels that provided a temporary buffer and kept prices contained. That phase is now ending,” she said.

According to Rystad, the global system has shifted from “buffered to fragile” after weeks of supply losses and inventory drawdowns, leaving little room to absorb further shocks.

Nearly 17.8 million barrels per day of oil and fuel flows through the Strait of Hormuz have been disrupted, the firm estimated, with close to 500 million barrels of total liquids lost so far.