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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.

IRGC Strikes Singaporean Vessel Ever Lovely Near Oman — Oil Jumps 2% as IMO Pauses 11,000-Sailor Hormuz Evacuation and Three Tankers Turn Back

Iran's Revolutionary Guard Corps struck the Singaporean-flagged container ship Ever Lovely southeast of Dahit, Oman, with an unknown projectile, causing bridge damage but no crew casualties. The attack halted an IMO plan to evacuate 11,000 sailors stranded in the Strait and sent oil prices jumping 2%, with Brent briefly back above $75. Republican senators simultaneously reversed their votes on an Iran war powers resolution following a heated confrontation with President Trump over opposition to military oversight.

Brent Crude Falls Below $79 on June 22 2026 — Iran Negotiations Reduce Energy Risk Premium

Brent crude dropped below $79 per barrel as negotiations between the United States and Iran showed signs of progress. The decline reflects easing concerns about prolonged disruptions in the Strait of Hormuz, a key artery for global energy supplies. Lower oil prices could support consumer spending, reduce inflation pressure, and improve corporate profit margins, although investors remain cautious given the fragile nature of ongoing diplomatic discussions.

Energy Sector Posts Third Consecutive Weekly Gain as XOM and CVX Hit Multi-Year Highs on $118 Oil

The energy sector extended its remarkable 2026 outperformance on Friday with a third consecutive weekly gain as Exxon Mobil and Chevron closed at their highest levels in nearly two years, ONEOK surged an additional 2.3% on a bullish throughput update, and the XLE ETF is now up approximately 34% year-to-date in stark contrast to the S&P 500's double-digit year-to-date loss.