Oil nears $85 as Trump moves to impose Hormuz fees

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

Add Mettisglobal as a Trusted Source on Google

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	177,370.71 271.87M	0.23% 404.02
ALLSHR	107,716.20 642.21M	0.11% 116.44
KSE30	52,827.24 82.38M	0.35% 182.71
KMI30	251,579.93 132.42M	0.03% 64.11
KMIALLSHR	69,528.14 417.99M	0.00% 2.11
BKTi	50,313.91 13.15M	1.11% 551.71
OGTi	36,509.94 8.96M	-0.87% -321.36

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	79,095.00	79,360.00 78,140.00	85.00 0.11%
BRENT CRUDE	86.66	87.15 85.96	-1.92 -2.17%
RICHARDS BAY COAL MONTHLY	110.30	0.00 0.00	0.20 0.18%
ROTTERDAM COAL MONTHLY	124.80	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	80.43	81.31 79.85	-1.93 -2.34%
SUGAR #11 WORLD	17.27	17.39 17.14	0.00 0.00%