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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Name	Price/Vol	%Chg/NChg
KSE100	176,628.50 112.21M	-1.83% -3298.55
ALLSHR	107,373.08 226.49M	-1.74% -1897.62
KSE30	52,716.20 47.93M	-1.84% -989.52
KMI30	249,058.52 44.67M	-1.76% -4473.40
KMIALLSHR	68,950.96 142.28M	-1.71% -1201.67
BKTi	50,073.49 14.00M	-1.81% -924.01
OGTi	35,750.90 3.89M	-1.28% -465.18

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	62,930.00	62,970.00 61,925.00	580.00 0.93%
BRENT CRUDE	84.90	85.64 83.68	1.60 1.92%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.15 -1.08%
ROTTERDAM COAL MONTHLY	119.35	119.35 119.35	2.00 1.70%
USD RBD PALM OLEIN	1,135.00	1,135.00 1,135.00	0.00 0.00%
CRUDE OIL - WTI	79.81	80.42 77.86	1.67 2.14%
SUGAR #11 WORLD	14.76	14.98 14.62	-0.12 -0.81%