What specific actions did the U.S. take against Iran in the Strait of Hormuz, and how did Trump’s stance on a proposed 20% cargo fee change?

The U.S. resumed its blockade on Iranian shipping through the Strait of Hormuz at 4 p.m. Washington time, one hour after launching fresh strikes on Iranian targets aimed at degrading Iran’s ability to attack commercial ships in the waterway. Simultaneously, President Trump backed away from a plan announced a day earlier to impose a 20% charge on cargo shipments through the Strait of Hormuz — a reversal described as a 'welcome sign for shippers' amid fears of escalating disruption to the world’s most important energy chokepoint, through which about a fifth of global crude and liquefied natural gas normally passes.

How has the renewed U.S.-Iran conflict affected oil prices and market conditions in recent days?

Oil prices rose for a third day, with West Texas Intermediate trading around $80 a barrel after gaining 11% in the week’s first two sessions, and Brent closing near $85 on Tuesday; this surge followed renewed fighting in the region, including attacks on crude-laden vessels and Gulf nations like Kuwait, bringing shipping to a near-standstill and pushing prices to their highest level in about a month — recouping part of a roughly 30% second-quarter decline — as the conflict revived supply concerns from the energy-rich Persian Gulf.

Oil Extends Gains as Trump Threatens Further Strikes on Iran

Jul 14, 2026

Oil prices extended gains as President Trump threatened further strikes on Iran following a resumed US blockade of the Strait of Hormuz. West Texas Intermediate and Brent crude climbed near $80-$85 per barrel amid fears of significant supply disruptions from the region.

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