Oil prices rise as U.S. launches new Iran airstrikes, while Trump abandons Strait of Hormuz fee

Photo: President Donald J. Trump, Monday, July 6, 2026, in the Oval Office. Photo credit: Official White House photo by Joyce N. Boghosian via Flickr. US government work. Article by Spencer Kimball and Lee Ying Shan. CNBC – updated July 14, 2026.

Oil prices rose Tuesday as the U.S. bombed Iran before imposing a naval blockade, while President Donald Trump abandoned his demand that ships pay a protection fee to transit the Strait of Hormuz. U.S. West Texas Intermediate futures rose 1.5% to close at $79.34 per barrel. Brent futures, the international benchmark, gained 1.72% to settle at $84.73 per barrel. The U.S. military launched more airstrikes against Iran on Tuesday as it reimposed a blockade on the country’s ports and coastal areas at 4 p.m. ET, U.S. Central Command said in a social media post. […]

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