Oil Extends Rally as Trump Reimposes Blockade

2026-07-13 23:27 By Jam Kaimo Samonte 1 min. read

Crude oil climbed toward $80 per barrel on Tuesday, bringing gains for the week to more than 10%, after President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and announced that all other cargo passing through the waterway would be subject to payment requirements.

The blockade is scheduled to take effect at 4 p.m.

Eastern Time today.

Trump called for a 20% reimbursement on cargoes, saying the US should be compensated by countries benefiting from its efforts to secure the strait, including Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Kuwait.

The measures followed renewed hostilities between Washington and Tehran, with the US seeking to curb Iran’s ability to disrupt maritime shipping, while Tehran responded by targeting US allies in the region.

Separately, Trump said he would back a Russian sanctions bill championed by the late Senator Lindsey Graham that would renew efforts to penalize buyers of Russian oil and natural gas.



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