Global oil prices surged more than 9% after Donald Trump announced that the U.S. would reinstate a blockade of Iranian ports amid renewed tensions with Iran and disruptions to shipping through the Strait of Hormuz.
On 14 July 2026 GMT+7, global crude oil prices rose over 9% after U.S. President Donald Trump announced the reinstatement of a blockade on Iranian ports, causing investor concerns over oil supply risks from the Middle East. Brent crude, the global market benchmark, rose 9.59%, closing at $83.30 per barrel, the highest close since 12 June and the largest daily increase in over six years.
Meanwhile, U.S. West Texas Intermediate crude increased 9.4%, closing at $78.14 per barrel, the highest level since 15 June and marking the largest daily surge since early April 2026.
Although oil prices remain below levels seen during the outbreak of the Iran conflict—when prices soared above $110 per barrel—the renewed U.S.-Iran tensions and disruptions to shipping through the Strait of Hormuz, a critical global oil transit route, have driven prices back up again.