Oil jumps 5% after Trump reimposes Iran blockade

Iran warOil jumps 5% after Trump reimposes Iran blockadeTrump says the U.S. “will be reimbursed” for helping ships through the Strait of Hormuz. The international oil benchmark, Brent, surpassed $80 per barrel.Listen to this article with a free profile00:0000:00Vessels anchored Sunday in the Strait of Hormuz off Bandar Abbas, Iran.Razieh Poudat / ISNA via APShareAdd NBC News to GoogleJuly 13, 2026, 11:01 AM EDTBy Steve KopackThe price of oil jumped more than 5% after President Donald Trump declared on social media Monday morning that the U.S. would be resume its blockade on Iran and be “reimbursed” for helping ships transit the Strait of Hormuz. Subscribe to read this story ad-freeGet unlimited access to ad-free articles and exclusive content.U.S. crude oil surged 5%, to more than $75 per barrel, while international Brent crude oil also jumped 5% to $80 per barrel. The recent increase in oil prices have halted declines in U.S. gasoline prices, as well.Stocks also took a dip lower, with the S&P 500 falling 0.5%. The Nasdaq, which was already sharply lower, hit its lowest level of the day. Trump said the reimbursement would be “at the rate of 20% on all cargo shipped.” It was not immediately clear how that would work. Energy and shipping companies have loudly rejected a similar idea from Iran, under which ships would pay a toll in order to pass through the critical water way.The U.S. Treasury Department has warned that anyone who pays Iran for passage through the Strait of Hormuz would expose themselves to sanctions violations, calling it “maritime extortion.” The president said that the U.S. would be reimposing what he called “THE IRANIAN BLOCKADE,” which appeared to be a reference to a recent U.S. naval blockade preventing ships from entering or exiting Iranian ports. That blockade did not stop non-Iranian commercial vessels from transiting the waterway.The latest escalation by Trump comes after the U.S. continued to strike targets in Iran as retaliation for the Ira...