International oil prices moved higher on July 13, with WTI crude rising above $75 a barrel and Brent crude climbing to $79.74 a barrel, according to BlockBeats. WTI was up 5.01% on the day, while Brent gained 5.00%.
Related futures contracts also advanced. China’s SC crude rose 2.21% to 481.5 yuan per barrel. Low-sulfur fuel oil (LU) gained 1.92% to 4,195 yuan per ton, fuel oil added 2.51% to 3,312 yuan per ton, and asphalt increased 3.13% to 3,960 yuan per ton.
On the policy side, U.S. President Donald Trump said the Strait of Hormuz would remain open "with or without Iran." He said the United States would resume an operation called "Blockade Iran," describing it as a measure that would only stop Iranian ships or customers from entering or leaving, while allowing all other countries to use the strait on what he called a fair and open basis.
Trump also said the U.S. would be known as the "Guardian of the Strait of Hormuz" and would charge a 20% fee on all cargo shipments to offset the cost of providing security in the region.
International oil prices rose across the board on July 13, according to BlockBeats. WTI crude moved above $75 per barrel, up 5.01% on the day. Brent crude climbed 5.00% to $79.74 per barrel.
Oil-related futures contracts also strengthened. The main SC crude contract rose 2.21% to 481.5 yuan per barrel. Low-sulfur fuel oil (LU) gained 1.92% to 4,195 yuan per ton, fuel oil rose 2.51% to 3,312 yuan per ton, and asphalt advanced 3.13% to 3,960 yuan per ton.
On the news front, U.S. President Donald Trump said the Strait of Hormuz is open and will remain open "with or without Iran."
Trump also said the United States would resume an operation called "Blockade Iran." He said the name reflects that it would only block Iranian ships or customers from entering or leaving, while all other countries would be able to use the strait on a fair and open basis.
He added that the United States would be known as the "Guardian of the Strait of Hormuz" and would charge a 20% fee on all cargo shipments to compensate for the cost of providing security and protection in what he described as a turbulent region.
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