Xinhua News Agency, Beijing, July 14 — International crude oil futures prices surged again on the 14th, as escalating military confrontation between the United States and Iran, alongside Washington’s announcement to resume a maritime blockade against Iran and impose fees on cargo transiting the Strait of Hormuz, stoked market fears of crude supply shortages.
On the day, West Texas Intermediate (WTI) light crude futures on the New York Mercantile Exchange (NYMEX) once rose by 3.9% to above USD 81 per barrel. London Brent crude futures jumped more than 5% intraday, topping USD 87 per barrel.
The U.S. military announced on the 13th that it had carried out strikes against Iran for “the third consecutive night” and would resume the maritime blockade on Iran starting Eastern Time on the 14th. Iran blamed the U.S. for the recent escalation of tensions around the Strait of Hormuz and launched retaliatory strikes against U.S. military bases across the Middle East.
U.S. President Donald Trump stated on the 13th that a 20% fee would be levied on all cargo passing through the Strait of Hormuz.
The Baltic and International Maritime Council (BIMCO) said vessel traffic through the Strait of Hormuz has ground to a standstill again recently, and Washington’s new fee policy risks further cutting shipping volumes on this vital energy waterway.
International crude oil futures closed more than 9% higher on the 13th, marking the largest single-day gain since May 2020.（Outlook New Era）
Edit：Liu Zhiyu Responsible editor：Li Yulu
Source：www.news.cn
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