U.S. 'Toll' on Hormuz Passage Sparks Global Oil Price Surge

International oil prices have spiked to their highest levels in a month after the United States announced it would resume its maritime blockade against Iran and impose a 20% "toll" on cargo transiting the Strait of Hormuz. Brent crude oil hit $84.80 per barrel in early trading on the ICE Futures Europe on July 14, marking a significant rise not seen in a month. The previous day, the September futures contract for Brent crude closed at $83.30 per barrel, a 9.6% surge, which Reuters noted as the largest single-day increase since May 2020.

Similarly, West Texas Intermediate (WTI) crude for August delivery closed at $78.14 per barrel on the New York Mercantile Exchange, up 9.4% from the previous session. These prices represent the highest levels since the U.S. and Iran signed a memorandum of understanding last month, with prices increasing by approximately 15% compared to pre-war levels. The surge is attributed to growing concerns that the ongoing military clashes between the U.S. and Iran could lead to a breakdown of the ceasefire.

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The recent attacks highlight the uncertainty of Gulf region exports, and a recurrence of serious incidents could amplify short-term oil price risks.

Goldman Sachs analysts, cited by The Guardian, warned that recent attacks highlight the uncertainty of Gulf region exports, and a recurrence of serious incidents could amplify short-term oil price risks. U.S. President Donald Trump announced on his social media that the U.S. would block ships traveling to and from Iranian ports and coastlines in the Strait of Hormuz. Consequently, the U.S. Central Command, responsible for U.S. military operations in the Middle East, is set to resume the maritime blockade against Iran at 4 p.m. Eastern Time on July 14 (5 a.m. Korean time on July 15).

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Iran will never allow the U.S. to interfere in the management of the Strait of Hormuz.

President Trump also stated that U.S. forces would collect a "security guarantee toll" at a rate of 20% on all cargo passing through the Strait of Hormuz. However, specific details on how the U.S. will ensure safe passage and calculate this toll remain unclear. Bloomberg estimated that based on current international oil prices around $80 per barrel, the toll for a supertanker carrying approximately 2 million barrels of crude oil could reach $30 million (about 45 billion Korean won), a figure significantly higher than what Iran has reportedly demanded.

In response, Iranian military authorities criticized the U.S. blockade resumption, asserting their firm stance against any U.S. interference in the Strait of Hormuz. According to Iran's semi-official Fars News Agency, the central command of the Iranian army issued a statement declaring, "Iran will never allow the U.S. to interfere in the management of the Strait of Hormuz." The statement further warned that such U.S. attempts put regional security, international trade, and tanker operations at serious risk.

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The U.S. is putting regional security, international trade, and tanker operations at serious risk with these interference attempts.