Crude oil futures traded higher on Tuesday morning after US President Donald Trump reinstated a naval blockade of Iranian ports.
At 10.05 am on Tuesday, September Brent oil futures were at $84.78, up by 1.78 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $79.70, up by 2 per cent. July crude oil futures were trading at ₹7658 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹7360, up by 4.05 per cent, and August futures were trading at ₹7653 against the previous close of ₹7394, up by 3.50 per cent.
In a post on Truth Social, Trump said: “The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait. The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,” but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World. The process and formation will begin immediately.”
A statement by US Central Command said its forces will resume blockading maritime traffic entering and exiting Iranian ports on July 14 at 4 pm ET. The forces will enforce the blockade against vessels transiting to or from Iranian ports and coastal areas. The US military continues to support traffic flow through regional waters for all vessels not violating the blockade, it said.
In their Commodities Feed for Tuesday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said the return of the US blockade is much more impactful for markets than the previous suspension of the sanction waiver on Iranian oil. The Memorandum of Understanding is starting to look well and truly dead. The consensus says neither side wants an escalation — yet their recent moves tell a different story. Clearly, oil prices simply aren’t high enough yet to compel Washington to push harder for de‑escalation, they said.
The other layer of uncertainty for markets is the cost of navigating the Strait of Hormuz. It’s well-telegraphed that Iran is insisting on charging a toll. But Trump said that the US will charge a fee equivalent to 20 per cent of a cargo’s value for providing safe passage for vessels. There are few details on how this would work, or how serious Trump is about it.
They said a 20 per cent fee on a VLCC that carries 2 million barrels at $80 a barrel, would be equivalent to around $32 million or an additional cost of $16 a barrel. This is significantly higher than the $1 a barrel toll for which Iran has been pushing.
Another statement said that US Central Command completed the latest wave of strikes against Iran at 10:15 pm ET on July 13. During the five-hour mission, US forces successfully struck military targets across Iran, including Bushehr, Chah Bahar, Jask, Konarak, Abu Musa, and Bandar Abbas to further degrade Iran’s ability to attack commercial shipping. The forces employed precision munitions against Iranian coastal defence systems, missile and drone sites, and maritime capabilities. It said that more than 50,000 US service members are currently deployed across West Asia.
August nickel futures were trading at ₹1607 on MCX during the initial hour of trading on Tuesday against the previous close of ₹1589.20, up by 1.12 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), August turmeric (farmer polished) contracts were trading at ₹20564 in the initial hour of trading on Tuesday against the previous close of ₹20036, up by 2.64 per cent.
July guargum futures were trading at ₹12200 on NCDEX in the initial hour of trading on Tuesday against the previous close of ₹12131, up by 0.57 per cent.
Published on July 14, 2026
