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Oil Extends Gains as Trump Reinstates Iran Naval Blockade and Sets 20% Hormuz Cargo Charge

Oil Extends Gains as Trump Reinstates Iran Naval Blockade and Sets 20% Hormuz Cargo Charge

oil-gas1 month ago139 Views

Brent rose more than 4% after Donald Trump said the US was reinstating a naval blockade on Iran and would seek a 20% reimbursement on cargo shipped through the Strait of Hormuz.

Brent crude extended its rally to more than 4% after US President Donald Trump said Washington was reinstating a naval blockade on Iran and would seek reimbursement equal to 20% of cargo shipped through the Strait of Hormuz.

Global markets weakened on Monday as renewed US-Iran missile and drone exchanges intensified concern over energy supplies and inflation. Reuters reported Brent crude at $79.36 a barrel, up 4.41%, while US crude rose 4.47% to $74.60.

The latest move goes beyond earlier conflicting statements over whether the Strait remained open. Trump said the United States was reinstating a naval blockade and would be reimbursed 20% on cargo shipped through the waterway. The commercial, legal and operational details of the proposed charge were not immediately clear.

Why it matters

The Strait of Hormuz is a critical route for global oil and LNG flows. Any sustained restriction, escort regime or additional cargo charge could lift freight and insurance costs, widen regional supply discounts and add to inflation pressure. Higher crude prices may support upstream earnings at BP and Shell, while airlines, manufacturers, retailers and other energy-intensive businesses face higher input costs.

Companies and tickers: BP plc (LSE: BP.), Shell plc (LSE: SHEL).

Sector: Oil & Gas / Global Markets.

UK release time: 13 July 2026, approximately 16:43 BST, based on the latest Reuters market update.

Sources: Reuters global markets report, updated 13 July 2026.

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