Oil Holds Jump After Trump Reinstates Blockade on Iranian Ships
Bloomberg 2026-07-13 22:01:33
Context: On July 13, oil prices surged after US President Donald Trump announced the reinstatement of a blockade on Iranian ships transiting the Strait of Hormuz. The blockade aims to restrict Iranian ships and require payment for all other cargo moving through the strategic waterway. This development has significant implications for the global oil market.
Key Facts
- US President Donald Trump stated that he would reimpose a blockade on Iranian ships transiting the Strait of Hormuz, a critical waterway for global oil transportation.
- The blockade also requires payment for all other cargo moving through the Strait of Hormuz, potentially disrupting international trade and oil supplies.
- Oil prices held their biggest gain since April following Trump's announcement, indicating a significant market reaction to the potential disruption of oil supplies.