Oil Spiked 9% as Trump Reinstated the Hormuz Blockade

President Trump announced on July 13, 2026, that the U.S. would reinstate a naval blockade of Iran and control the Strait of Hormuz—which handles roughly one-fifth of global daily oil transit. Markets reacted sharply: crude jumped 9% to a one-month high by July 12, before the formal announcement. The blockade collapses a June agreement promising reopened navigation, raising questions about shipping logistics and whether the deal ever took full effect.