Brent Crude Hits One-Month High Above $86 per Barrel

Brent crude oil reached a one-month high above $86 per barrel on Tuesday. The price increase followed President Trump's statement that the United States would reinstate its naval blockade of Iranian ports and charge a 20% security fee on all cargo shipments passing through the Strait of Hormuz. The U.S.

Military will reimpose the blockade at 4 p.m. Eastern on Tuesday, Central Command said. The command stated it would resume blockading maritime traffic entering and exiting Iranian ports, reviving measures in place from mid-April to mid-June.

During the prior period, CENTCOM redirected more than 140 compliant vessels, disabled nine non-compliant ships, and allowed over 50 commercial vessels supporting humanitarian aid to pass. U.S. Central Command conducted a third consecutive night of strikes on Iran on Monday that included the first combat use of sea drones to hit a naval base.

The operation lasted more than five hours and targeted missile and drone sites at the ports of Bandar Abbas and Bushehr. Strikes on Tuesday also hit four points in the port city of Bushehr, according to deputy provincial governor Ehsan Jahanian. Iranian cruise missiles hit the oil tankers MT Al Bahiyah and MT Mombasa in the Strait of Hormuz on Monday, killing one crew member and injuring eight, the United Arab Emirates Ministry of Defense said.

The deceased crew member and six of the injured were Indian nationals; two injured were from Ukraine. India condemned the attacks and summoned an Iranian diplomat in New Delhi to register a strong protest. President Trump stated in a Newsmax interview that the United States controls the Strait of Hormuz and will serve as its guardian angel while charging for transit.

He also said the United States was reinstating the blockade on Iranian ports and associated vessels. Hapag-Lloyd said any imposition of fees on cargo transport through the Strait of Hormuz would be wrong. Oman's Foreign Ministry said it continues transparent and neutral cooperation with all parties to restore freedom of navigation in full compliance with international law.