Oil jumps as Trump says U.S. will revive Iran "blockade" plan, impose 20% Hormuz transit fee
AI Market Summary
Oil prices jumped after Trump signaled a renewed Iran "blockade" and proposed a 20% fee on cargo transiting the Strait of Hormuz, raising perceived supply and shipping-risk premia despite assurances the strait remains open. The news tightens near-term crude balance expectations and can ripple into broader risk assets via inflation expectations, energy equities, and transport margins.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT+4.88%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▲ Bullish
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BlockBeats News, July 13 — International oil prices rallied across the board. WTI climbed to $75 per barrel, up 5.01% on the day. Brent rose 5.00% to $79.74 per barrel.
Crude-related futures also strengthened. The main crude oil contracts posted sharp short-term gains: SC Crude Oil extended its rise to 2.21% at RMB 481.5 per barrel. Low-sulfur fuel oil (LU) added 1.92% to RMB 4,195 per ton. Fuel oil advanced 2.51% to RMB 3,312 per ton. Asphalt gained 3.13% to RMB 3,960 per ton.
On the policy front, U.S. President Trump said the Strait of Hormuz is open and will remain open regardless of whether Iran is present. He said the United States will resume an operation he referred to as a "blockade of Iran," aimed at preventing Iranian vessels or customers from entering or exiting, while maintaining "fair and open" access for all other countries. Trump also said the U.S. would be known as the "Guardian of the Strait of Hormuz" and, citing security and stability costs in the region, would charge a 20% fee on all cargo shipments.
