Brent Crude Hits One Month High, Up Over 4 Percent After Trump's 20 Percent Strait of Hormuz Toll Plan

Brent crude oil jumped more than 4 percent on Tuesday, July 14, 2026, reaching about $86.9 a barrel, its highest level in a month. West Texas Intermediate (WTI) also rose about 2.8 percent to near $80.4 a barrel.

The main driver was Donald Trump's announcement of a 20 percent toll on all cargo passing through the Strait of Hormuz and the reinstatement of a naval blockade of Iranian ports. Estimates put the toll at roughly $32 million for a supertanker, far above the previous charge of up to $2 million.

Fears of a supply disruption intensified after Hormuz transits fell to 57 from Friday through Sunday, a drop of more than 50 percent versus the prior week. The Strait of Hormuz is the main export route for Iranian and Persian Gulf oil, and swings in global crude prices feed directly into Iran's foreign-currency earnings and domestic markets.