The US is set to blockade Iranian ports starting at 4 a.m. on the 15th, leading to sharp surges in the two major oil benchmarks.

On the 13th local time, the Joint Maritime Information Center (JMIC), led by the U.S. Navy, stated that the U.S. military began implementing a naval blockade on all Iranian ports and coastal areas at 20:00 GMT on July 14 (04:00 Beijing Time on July 15). The blockade applies to all vessels regardless of their flag, covering the entire Iranian coastline including but not limited to Iranian ports and oil terminals. It will not impede the transit of neutral vessels through the Strait of Hormuz to and from non-Iranian destinations; shipments of humanitarian supplies will be allowed to pass but are subject to inspection. Driven by the renewed escalation of U.S.-Iran tensions, both oil prices have surged today. According to Bitget’s market data, WTI crude oil is trading at $78.825, up 6.97% on the day, while Brent crude oil stands at $82.78, with a daily gain of 9.01%.