Oil prices rise as U.S. launches new Iran airstrikes, while Trump abandons Strait of Hormuz fee

Oil prices rose over 2% after President Trump announced plans to impose 20% shipping fees on vessels transiting the Strait of Hormuz and reinstate a blockade of Iranian ports, raising supply concerns. West Texas Intermediate and Brent crude futures both climbed, with Citi warning the move materially increases the risk of further military escalation and could keep oil prices higher for longer. The Strait of Hormuz is a critical transit route for about one-fifth of global oil supplies, which had already been disrupted by earlier strikes and targeting of vessels.