Global petroleum prices climbed by 9% after reports indicated that the United States is preparing to once again block Iranian commercial ships from passing through the Strait of Hormuz while imposing charges on vessels from other countries using the strategic waterway.
Crude oil prices increased by $7.29, a rise of 9.59%, bringing the price to $83.30 per barrel, reflecting growing concerns over potential disruptions to global energy supplies.
United States to Reinstate Maritime Restrictions
According to the Maritime Security Information Center operated by the United States Navy, Washington plans to reinstate the restrictions on July 14, 2026, at 10:00 p.m. Rwanda time.
The measures had been suspended in June 2026 as part of diplomatic efforts aimed at ending the conflict between the United States and Iran.
Trump Announces New Measures Against Iran
President Donald Trump said the United States would again prevent Iranian commercial ships from using the Strait of Hormuz. He also stated that Washington would collect 20% of the value of all goods transported through the waterway after fighting between the United States and Iran resumed.
The announcement came as tensions escalated following the collapse of the truce that had been expected to pave the way for a permanent peace agreement.
Iran and United Nations Reject the Proposal
Iran’s military leadership responded by declaring that it would not allow the United States to play any role in managing the Strait of Hormuz and warned that it would firmly oppose any unilateral action taken without Tehran’s approval.
The United Nations also rejected Trump’s proposal, saying it does not support imposing such charges and noting that no international legal framework currently authorizes taxes on ships transiting the Strait of Hormuz.
Analysts Warn of Further Energy Price Increases
Before the conflict erupted at the end of February 2026, nearly one-fifth of the world’s petroleum shipments passed through the Strait of Hormuz, making it one of the world’s most critical energy trade routes.
With hostilities between the United States and Iran resuming despite an earlier ceasefire, energy market analysts warn that oil prices could continue rising if the conflict intensifies and shipping through the Strait of Hormuz faces further disruptions.
