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Trump Reinstates Strait of Hormuz Blockade; Proposes 20% Transit Fee on All Cargo — Brent Crude Jumps 9.5% to $83

President Trump announced the United States will reinstate a naval blockade on Iranian ports and impose a 20% fee on all non-Iranian cargo transiting the Strait of Hormuz, effective Tuesday at 4 p.m. ET. Brent crude jumped 9.5% to above $83 per barrel, its biggest single-day gain since May 2020, while WTI settled near $78. The move follows a third consecutive night of US strikes on Iran and effectively ends the ceasefire agreement signed in mid-June.