Crude prices surged in their biggest one-day increase since 2020 following a statement by Donald Trump regarding a potential blockade on Iranian ships.

Strait of Hormuz

Who

Donald Trump

What

When

Tue, 14 Jul 2026 09:08:03 GMT · 2h 51m ago

Where

Strait of Hormuz ·

Why

Donald Trump stated the US would reinstate a blockade on Iranian ships transiting through the Strait of Hormuz and impose a 20 per cent toll fee.

The Frontline Impact

How this affects you

The surge in crude prices has stoked inflation fears. Consumer sentiment rose slightly due to lower petrol prices and easing interest rate expectations, but pessimists still outnumber optimists.

Story chain

1 event in this thread

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Verified Sources & Citations

SBS Australia
https://www.sbs.com.au/news/podcast-episode/oil-surges-most-since-2020-stokes-inflation-fears/k3zxross1
HIGH

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