Iran returned two Chinese ships belonging to Cosco Shipping on Friday after they approached the Strait of Hormuz, in a new escalation that raises concerns about global shipping and energy security in the Gulf.

The Iranian Revolutionary Guard confirmed that passage related to the allied countries of the United States and Israel will not be allowed, describing the strait as "closed" to ships heading to or coming from what it called the "enemies of Iran, the Zionists, and the Americans." The Guard also forced three other container ships of different nationalities to withdraw.

The ships CSCL Indian Ocean and CSCL Arctic Ocean headed northeast from the waters near Dubai before returning near the islands of Lark and Qeshm, reflecting Iran's effective control over the passage of ships in the strait.

In financial markets, regional risks quickly reflected on cryptocurrencies, with Bitcoin dropping to $66,619 (-4%), and Ethereum falling to $1,990 (-3.9%).

Reports indicate that the United Arab Emirates is prepared to support an international force to reopen the strait, amid a noticeable decline in shipping activity and rising concerns about the flow of energy through this vital global oil corridor.