Oil nears $85 as Trump moves to impose Hormuz fees

MG News | July 14, 2026 at 09:32 AM GMT+05:00

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July 14, 2026 (MLN): Oil prices climbed on Tuesday after US President Donald Trump said Washington would impose a 20% shipping fee on cargo transiting the Strait of Hormuz and reinstate a blockade of Iranian ports, which stoke fears of fresh disruptions to global crude supplies.

Currently, Brent crude futures is up, 7.17%, at $84.7 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $5.28, or 7.1%, to $79.61 per barrel by [09:28 am] PST.

President Trump said on Monday that the US would charge fees at the rate of 20% on all cargo shipped through the strait, describing the United States as the "guardian" of the crucial oil transit corridor, according to CNBC.

In a post on Truth Social, he said Washington would also reinstate its blockade of Iranian ports near the strait, marking a further escalation in tensions with Tehran.

The US Central Command later said the blockade would come into effect at 4pm ET on Tuesday.

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KSE100	171,153.17 162.52M	0.16% 268.58
ALLSHR	103,477.03 691.59M	0.17% 179.80
KSE30	50,901.99 58.56M	0.04% 18.99
KMI30	243,765.66 75.35M	0.26% 626.41
KMIALLSHR	67,087.03 368.61M	0.16% 107.81
BKTi	47,614.72 15.03M	-0.06% -27.39
OGTi	34,853.92 4.57M	-0.80% -282.58

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	85,775.00	86,950.00 85,385.00	-815.00 -0.94%
BRENT CRUDE	100.99	101.22 100.22	0.65 0.65%
RICHARDS BAY COAL MONTHLY	130.00	0.00 0.00	6.10 4.92%
ROTTERDAM COAL MONTHLY	138.50	0.00 0.00	1.45 1.06%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	92.80	93.01 91.75	0.43 0.47%
SUGAR #11 WORLD	18.38	18.60 18.15	0.14 0.77%