# Oil Prices Rise Amid Middle East Tensions Strait of Hormuz tensions threaten global oil supply. - **Source:** [US Top News and Analysis](https://brifing.si/source/635540e9-943e-450d-ae52-ae0bfe3b67eb) - **Published:** 2026-07-14 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/51cfd384-0e9a-433f-8774-23426535b2a0 ## Rising Oil Prices Oil prices climbed after President Trump announced plans to impose shipping fees in the Strait of Hormuz. West Texas Intermediate crude rose 2.27% to $79.91 per barrel, while Brent crude gained 2.14% to $85.11. ## Strategic Importance of Hormuz Approximately one-fifth of global oil supply passes through the Strait of Hormuz. US sanctions and proposed shipping fees risk disrupting worldwide petroleum supplies. ## US Escalation Trump announced a blockade of Iranian ports via Truth Social, escalating tensions with Tehran. This move increases uncertainty in oil markets as military confrontation risks grow. ## Citi's Warning Citi analysts warned Trump's shipping fee proposal raises risks of military escalation. The bank noted Iran could withdraw from agreements, potentially keeping oil prices elevated longer. ## Dwindling US Reserves US Strategic Petroleum Reserves have hit their lowest levels since 1983. Continued emergency sales due to Iran tensions raise concerns about energy security preparedness. ## Global Implications Hormuz tensions impact more than just oil prices - supply chains and inflation face ripple effects. Energy market uncertainty presents significant risks to the global economic outlook. ## Sources covering this story - https://www.cnbc.com/2026/07/14/oil-prices-today-brent-wti-hormuz-trump-toll-iran.html — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._