Oil Prices Rise as US Weighs Hormuz Fees After Iran Ceasefire Breaks

Energy markets face renewed pressure after the United States signaled it would charge fees for passage through the Strait of Hormuz and reinstate restrictions on Iranian ports. Brent crude futures climbed above $85 a barrel while West Texas Intermediate approached $80, extending sharp gains from the prior session. The moves reflect concern that even modest added costs or reduced traffic could tighten supplies that normally account for roughly one-fifth of global oil volumes.

The price reaction followed President Trump’s Monday statement on Truth Social that the United States would act as “guardian” of the strait and levy a 20 percent fee on cargo to cover security expenses. Central Command indicated the associated blockade measures would begin at 4 p.m. ET Tuesday. Shipping executives immediately warned that any such charge would further discourage transits already reduced to a trickle. Kpler data showed only 14 vessels crossed on Sunday, down from 37 the week before; just six cargo ships moved on one recent day, according to broker commentary.

A mid-June memorandum of understanding between Washington and Tehran had prohibited new tolls and allowed traffic to begin recovering. That arrangement now appears strained after three consecutive days of renewed hostilities. Analysts at Citi noted that implementation of the fee could raise the chance Iran walks away from the memorandum until after the U.S. mid-term elections, a path they said would likely produce higher-for-longer prices. Shipping association BIMCO and carrier Hapag-Lloyd both stated that tolls on an unimproved international strait differ from established canal fees and would act as an additional deterrent.

European natural-gas contracts also rose, with the Dutch August benchmark reaching €52.8 per megawatt-hour. UK gilt yields climbed, and markets priced in a quarter-point Bank of England rate increase by September for the first time in a month. Stock indexes in Europe slipped while Asian shares were mixed. The International Energy Agency’s recent forecast of a return to surplus by late 2026 rested on continued recovery of tanker traffic; that assumption is now in question if physical volumes remain constrained.