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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ALLSHR	109,145.90 215.56M	0.71% 773.77
KSE30	54,282.94 56.25M	0.86% 461.13
KMI30	255,692.37 27.25M	0.85% 2144.98
KMIALLSHR	69,980.69 123.70M	0.70% 488.74
BKTi	52,334.35 37.43M	0.95% 490.73
OGTi	35,206.51 3.92M	1.16% 403.85

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	65,180.00	65,255.00 64,640.00	100.00 0.15%
BRENT CRUDE	79.02	80.35 78.98	-0.43 -0.54%
RICHARDS BAY COAL MONTHLY	107.75	0.00 0.00	1.75 1.65%
ROTTERDAM COAL MONTHLY	116.50	116.50 116.50	-1.40 -1.19%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	74.72	76.04 74.61	-0.50 -0.66%
SUGAR #11 WORLD	15.17	15.28 15.06	0.13 0.86%