Oil Prices Jump 9% To $83 After Trump Announces Naval Blockade On Iranian Shipping
Oil Prices Jump 9% To $83 After Trump Announces Naval Blockade On Iranian Shipping
Jack Kaminsky Mon, July 13, 2026 at 8:48 PM UTC
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Oil prices surged roughly 9% on Monday, climbing to approximately $83 per barrel following an announcement by President Donald Trump that the United States is reinstating a naval blockade on Iran. The price spike builds on market gains triggered by a weekend escalation of hostilities in the region.
The sharp rise in crude futures is expected to put upward pressure on domestic fuel costs. On Monday morning, the national average for a gallon of regular gasoline stood at $3.87, according to AAA data. While that average is up 7 cents over the past week, it remains below the peak of $4.56 per gallon recorded in May. Analysts warn that the current oil rally could push pump prices back toward the $4 mark.
In a series of posts on his Truth Social platform on Monday, Trump outlined the administration’s maritime policy for the region, focusing on the strategic Strait of Hormuz.
“The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran,” Trump wrote. “We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait.”
President Donald J. Trump, AFO
Trump added that the U.S. intends to seek financial compensation from international shippers using the passage. The U.S. will demand reimbursement “at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security,” the president stated.
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Despite the administration’s assurances that the waterway remains open to non-Iranian vessels, maritime data suggests a significant disruption to shipping traffic. Vessel tracking services, including Kpler, reported a steep decline in transits through the strait over the last few days. This slowdown reverses a recent shipping revival that had followed the signing of the U.S.-Iran memorandum of understanding.
Additionally, research and consulting firm S&P Global Energy confirmed a noticeable reduction in the number of inbound oil tankers entering the Strait of Hormuz to load cargo, pointing to tightening shipping activity amid the heightened geopolitical tensions.
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Oil Prices Jump 9% To $83 After Trump Announces Naval Blockade On Iranian Shipping
Source: “AOL Money”
