Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleOil prices climbed to a four-week high on Tuesday after the United States reinstated a naval blockade on Iran and announced a 20 per cent toll on cargo transiting the Strait of Hormuz. President Donald Trump said that the US would control the vital oil transit route and levy fees on vessels, marking a significant shift from previous US policy. Brent crude futures rose 2.1 per cent to $85.11 a barrel, and West Texas Intermediate gained 2.3 per cent to $79.91, reaching their highest levels since a US-Iran memorandum of understanding in June. The renewed conflict has sharply escalated tensions, with two UAE oil tankers struck by Iranian missiles, Iran launching attacks targeting Bahrain, and US forces conducting strikes against Iranian military targets. Analysts warned that the shipping fee proposal materially raised the risk of further military escalation and potential oil price volatility.In fullOil prices hit one month-high as Trump reinstates Iran blockadeMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Oil prices surge after Trump announces cargo toll in Strait of Hormuz
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleOil prices climbed to a four-week high on Tuesday after the United States reinstated a naval blockade on Iran and announced a 20 per cent toll on cargo transiting the Strait of Hormuz. President Donald Trump said that the US would control the vital oil transit route and levy fees on vessels, marking a significant shift from previous US policy. Brent crude futures rose 2.1 per cent to $85.11 a barrel, and West Texas Intermediate gained 2.3 per cent to $79.91, reaching their highest levels since a US-Iran memorandum of understanding in June. The renewed conflict has sharply escalated tensions, with two UAE oil tankers struck by Iranian missiles, Iran launching attacks targeting Bahrain, and US forces conducting strikes against Iranian military targets. Analysts warned that the shipping fee proposal materially raised the risk of further military escalation and potential oil price volatility.In fullOil prices hit one month-high as Trump reinstates Iran blockadeMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
