Svmuu News: U.S. President Donald Trump announced the reinstatement of a blockade on vessels traveling to and from Iranian ports via the Strait of Hormuz. Iranian vessels will be prohibited from entering or exiting through the Strait of Hormuz, while vessels from other countries will still be allowed to pass, but a 20% fee based on the value of all cargo they carry will be imposed.U.S. Central Command stated that the blockade will take effect at 4:00 p.m. Eastern Time on July 14.
Amid escalating tensions between the U.S. and Iran, international oil prices have risen, with Brent crude briefly climbing about 10% to around $83.63 per barrel.At present, the U.S. government has not announced the specific implementation details for the 20% fee. The International Maritime Organization has stated that it opposes the imposition of tolls on straits used for international navigation. (Bloomberg)