Oil nears $85 as Trump moves to impose Hormuz fees
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
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 f...