Trump’s Hormuz brinkmanship is worsening a global fuel crunch

Photograph: Getty Images

Jul 14th 2026|4 min read

On july 13th President Donald Trump said America would reinstate its naval blockade on Iran and charge a 20% fee on cargo passing through the Strait of Hormuz. Brent crude, the global oil-price benchmark, jumped by 10%, to $83 a barrel. That night America launched air strikes on Iran, which responded by hitting two Emirati tankers with missiles. Yet Brent is still a quarter below April’s peak, even though the truce signed in June looks dead and Hormuz traffic has nearly stopped.

Chart: The Economist