Trump's planned 20% Hormuz toll lifts oil prices
Brent rose to US$85.11 a barrel as ship traffic through Hormuz fell sharply to 14 vessels on Sunday.
President Donald Trump's plan to impose a 20% fee on cargo passing through the Strait of Hormuz jolted energy markets again and stoked concern about oil supply disruptions. Trump also revived a blockade on Iranian vessels and called the U.S. the “guardian” of the waterway. Based on oil prices of about US$80 a barrel, the levy could amount to about US$30 million for one supertanker carrying 2 million barrels. In the latest trade, Brent for September rose 2.14% to US$85.11 a barrel, while August WTI climbed 2.27% to US$79.91. Kpler data showed traffic in Hormuz fell to 14 vessels on Sunday from 37 vessels a week earlier. Analysts warned the main risk was not just the added cost, but the possibility of a new conflict that could curb Gulf oil exports.