Oil prices jump after Trump’s threats on Strait of Hormuz

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The two sides traded more strikes as a U.S. blockade of Iranian ports was set to take effect. The president has threatened to impose hefty fees on shipping.

July 14, 2026 at 7:47 a.m. EDT3 minutes ago

Ships sail near the Strait of Hormuz off the coast of the United Arab Emirates on Monday. (AFP/Getty Images)

The United States and Iran traded fresh strikes overnight, as the prospect of tolls on shipping in the Strait of Hormuz and a reimposition of the U.S. blockade against Iran spooked markets and alarmed shipping experts.

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