International oil prices rise across the board; Trump says sanctions on Iran will be reinstated immediately

BlockBeats message, July 13: International oil prices rose across the board. WTI crude oil climbed above $75 per barrel, up 5.01% on the day. Brent crude oil surged 5.00% intraday, currently at $79.74 per barrel.

Front-month crude oil futures rose in the short term; SC crude oil’s gain widened to 2.21%, currently at 481.5 yuan per barrel. Low-sulfur fuel oil (LU) saw its gain widen to 1.92%, currently at 4,195 yuan per ton. Fuel oil’s gain widened to 2.51%, currently at 3,312 yuan per ton. Asphalt’s gain widened to 3.13%, currently at 3,960 yuan per ton.

On the news front, US President Trump said the Strait of Hormuz is open, with or without Iran, it will remain open. We will restore the “blockade of Iran” operation; this is named as such because it only prevents Iranian ships or customers from entering or leaving.

All other countries will use the strait fairly and openly. Going forward, the United States will be called the “Guardians of the Strait of Hormuz,” but as a guardian—and in the spirit of fairness—the US will charge a 20% fee on all cargo transport to cover all the costs needed to provide safety and security to this world’s turbulent region.

CL8.31%
BZ7.88%
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