Crude oil prices surged sharply amid escalating tensions in the Persian Gulf. Brent crude climbed to $85 per barrel on Tuesday, July 14, 2026 — a gain of over 10% this week — following announcements by former U.S. President Donald Trump reinstating restrictions on Iranian vessels transiting the Strait of Hormuz and imposing new fees on all other commercial traffic passing through the strategic waterway.
Strait of Hormuz Fees Spark Market Reaction
Trump proposed a 20% levy on cargo shipments using the strait, arguing that countries benefiting from U.S.-led security efforts — including Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Kuwait — should compensate Washington for safeguarding maritime passage. The move follows renewed hostilities between Washington and Tehran, with the U.S. aiming to curb Iran’s ability to disrupt shipping and Iran responding by targeting U.S. allies in the region.
WTI Closes in on $80
West Texas Intermediate (WTI) crude also rose strongly, trading just shy of $80 per barrel, tracking the broader upward momentum across energy markets.
Extension of Russian Sanctions Pushed
In related developments, Trump signaled support for legislation originally backed by late U.S. Senator Lindsey Graham to renew and strengthen sanctions on buyers of Russian oil and natural gas — further tightening global energy supply dynamics.