International Oil Prices Surge, Trump Announces Immediate Return to Iran Sanctions

BlockBeats News, July 13th, international oil prices collectively rose, with WTI crude oil surpassing $75 per barrel, up 5.01% intraday. Brent crude oil surged 5.00% intraday, now at $79.74 per barrel.

The main crude oil futures contract saw a short-term increase, with SC crude oil's gain expanding to 2.21%, now at 481.5 yuan per barrel. Low-sulfur fuel oil (LU) saw its increase expand to 1.92%, now at 4195 yuan per tonne. Fuel oil's gain expanded to 2.51%, now at 3312 yuan per tonne. Asphalt's gain expanded to 3.13%, now at 3960 yuan per tonne.

On the news front, U.S. President Trump stated that the Strait of Hormuz is open, and regardless of Iran's presence, it will remain so. We will resume the operation "Blockade Iran," named as such since it only blocks Iran's vessels or customers from entering or exiting.

All other countries will have fair and open use of the strait. From now on, the U.S. will be known as the "Guardians of the Strait of Hormuz," but as guardians, and in the spirit of fairness, the U.S. will charge a 20% fee on all cargo shipments to cover all costs necessary to provide security and assurance for this volatile region.