Brent Oil Surges to $85.01 as US Enforces Iran Blockade and 20% Hormuz Fee

Oil prices extended their rally on July 14 after the US reinstated a full naval blockade of Iran and imposed a 20% fee on Strait of Hormuz cargo. The move followed three nights of US strikes, Iranian retaliation, and a collapse in tanker traffic to just six vessels on July 12. Brent rose 2.1% to $85.01 while WTI gained 2.1% to $79.78, building on the prior session’s nearly 10% jump that lifted Brent to $83.30 and WTI to $78.14. Kazakhstan’s export ban extension until May 2027 added further supply pressure amid the escalating crisis.