Global oil prices climbed sharply on Monday after U.S. President Donald Trump announced that the United States would resume its blockade on Iran and seek compensation from ships passing through the Strait of Hormuz. The announcement raised concerns about global energy supplies and shipping costs.
U.S. crude oil rose by 9.4% to close at $78.14 per barrel, while Brent crude increased 9.6% to $83.30 per barrel, marking their highest levels since mid-June. The sharp rise also halted the recent decline in U.S. gasoline prices, with analysts warning that the national average could soon reach $4 per gallon as higher fuel costs are passed on to consumers.
Financial markets reacted negatively to the news. The S&P 500 fell 0.8%, the Dow Jones Industrial Average lost 138 points, and the Nasdaq dropped 1.6% amid heavy selling in technology stocks.
Trump stated that ships using the Strait of Hormuz would be required to reimburse the United States at a rate of 20% of the value of all cargo shipped. However, he did not explain how the proposed system would be implemented. The plan has drawn criticism, with shipping and energy companies opposing the idea.
The International Maritime Organization (IMO) also rejected the proposal, stating that there is no legal basis for imposing mandatory transit fees on vessels using international straits. The organization reaffirmed its long-standing position against charging tolls for passage through key international waterways.
