US President Donald Trump says he wants to charge vessels 20% tax to cross strait

Brent crude climbed above $78 and WTI gained over 3% as escalating Iran-US tensions and threats to Strait of Hormuz shipping raised global supply concerns.

Crude oil prices soared nearly 5% on July 13, with Brent nearing $80 per barrel, as escalating US-Iran strikes fueled market volatility and supply concerns.

Brent surges more than 4 per cent as US-Iran conflict escalates