International oil prices surged nearly 10% in a single day after President Donald Trump announced the resumption of a maritime blockade against Iran. Concerns grew that oil shipments through the Strait of Hormuz could face disruptions once again.
According to Reuters, on July 13, Brent crude futures for September delivery closed at $83.30 per barrel, up 9.6% from the previous trading day. West Texas Intermediate (WTI) crude for August delivery also rose 9.4%, finishing at $78.14 per barrel.
On the same day, President Trump stated that the blockade would target Iranian ports, oil terminals, and vessels operating along the coast. He also proposed a plan to charge 20% of the cargo value for ensuring the safety of civilian ships passing through the Strait of Hormuz.
The U.S. Navy-led Joint Maritime Information Center (JMIC) announced that the blockade would take effect at 8 p.m. GMT on July 14 (5 a.m. KST on July 15). The Iranian military responded by stating it would not allow U.S. intervention in the Strait.
Energy information firm Gelber & Associates analyzed that the resumption of the U.S. blockade and the reduction of vessel traffic in the Strait of Hormuz have heightened short-term concerns over oil supply.
Additionally, the U.S. Strategic Petroleum Reserve saw a decrease of 3 million barrels last week, bringing the total to 316.5 million barrels, the lowest level since April 1983.
* This article has been translated by AI.
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