Oil climbs after US strikes Iran, Trump vows to control Strait of Hormuz

US Central Command said in a statement early on Monday that it struck dozens of Iranian targets overnight as Iran targeted American bases across the Gulf.

Jack Dutton

Jul 13, 2026

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Oil prices rose more than 4% on Monday after US President Donald Trump said Washington would likely take control of the Strait of Hormuz, while the United States and Iran continued exchanging strikes that threatened energy infrastructure and shipping through the strategic waterway.

“The U.S.A. will be, from this point forward, known as 'THE GUARDIAN OF THE HORMUZ STRAIT,' but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section........

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