Trump Claims Strait of Hormuz is Open Amid Oil Market Tensions

On July 13, 2026, President Donald Trump stated that the Strait of Hormuz is open, despite claims from Tehran that it has been closed. His comments came after tensions between the U.S. and Iran escalated over the weekend, which has affected tanker traffic and contributed to a rise in oil prices. Following Trump's statement, oil prices increased by over 9%, with Brent crude reaching $82.96 per barrel and West Texas Intermediate at $78.17 per barrel. Trump also mentioned plans for the U.S. to reinstate a blockade on Iranian vessels while ensuring access for other countries. Market analysts noted that traders were quick to adjust prices, indicating ongoing concerns about the conflict. The Department of Energy reported that U.S. emergency oil stockpiles have decreased to 316.5 million barrels, nearing record lows.