Oil Prices Rise Following Trump's Claim of Naval Blockade on Iran

Oil prices increased approximately 9% on July 13, 2026, reaching around $83 per barrel. This rise followed President Donald Trump's assertion that the U.S. was reinstating a naval blockade on Iran. The increase in oil prices is expected to contribute to higher gasoline prices, with the national average nearing $4 per gallon. As of Monday morning, the average U.S. gasoline price was reported at $3.87 per gallon, a 7-cent increase from the previous week, but still below the $4.56 per gallon peak observed in May. Trump stated on his Truth Social account that the Hormuz Strait is open and will remain so, while claiming that the blockade would only affect Iranian vessels. However, vessel tracking services have indicated a significant decrease in ship traffic through the Strait in recent days, countering the claims of an open waterway.