Oil prices jump 9% as US reinstates Hormuz blockade

Oil prices surged on Monday, July 13, 2026, following a major escalation in tensions between the United States and Iran centered on the Strait of Hormuz, a critical global energy chokepoint. The price spike, which saw gains of up to 9 percent in a single session, was triggered by a U.S. announcement reinstating a naval blockade targeting Iranian shipping and a weekend of renewed military strikes between the two nations.

President Donald Trump stated the U.S. was reinstating what he termed an Iranian blockade, asserting the strait would remain open for all other countries. In social media posts, he also declared the United States would seek a 20 percent fee on all cargo shipped through the waterway to reimburse costs for providing security. The proposal for a transit fee was swiftly criticized by the United Nations' International Maritime Organization, which stated it opposes mandatory tolls on international straits and stressed there is no legal basis for such charges.

The announcement compounded fears already heightened by a series of military exchanges over the preceding days. U.S. forces conducted strikes on Iranian targets on July 11 and 12, which officials described as...