Trump Iran Blockade Plan Threatens to Shake Oil Markets

Oil markets now face fresh supply risks after President Trump announced a renewed U.S. blockade on Iran and efforts to secure the Strait of Hormuz. The week began with Trump's July 8 NATO summit declaration that the Iran truce was over, sending Brent above $79 and triggering equity futures drops, but his follow-up remarks quickly calmed nerves. By July 10-11, markets largely shrugged off the rhetoric with WTI settling at $71.84 and no Hormuz blockade materializing. The July 13 plan escalates tensions again, pushing gasoline to $3.87 and drawing attention to critically low SPR levels.