According to Bloomberg, U.S. President Trump has announced the resumption of the blockade of ships entering and leaving Iranian ports and coastal areas. Iranian-flagged vessels will be banned from transiting through the Strait of Hormuz, while ships from other countries may still pass, but all cargo they carry would be subject to a 20% charge based on the cargo value. The U.S. Central Command said the blockade will begin at 16:00 (Eastern Time) on July 14, and U.S. forces have launched strikes against Iran for the third consecutive night. On the back of the news, Brent crude rose by about 10% to around $83.63 per barrel. The White House has not yet explained how the charging plan would be implemented in practice. The International Maritime Organization said that international straits should not charge transit fees.