Oil Prices Surge Amid Rising Tensions in Hormuz, Tech Stocks Drop

WHO:

NY Post - President Trump announced a new blockade and tolls on the Strait of Hormuz.

Bloomberg Markets - Stuart Kaiser is the Head of US Equity Trading Strategy at Citi.

Bloomberg Markets - Ed Morse is a Senior Advisor and Commodity Strategist at Hartree Partners.

WHAT:

NY Post - Oil prices surged to nearly $80 a barrel.

Bloomberg Markets - A selloff in tech giants contributed to a decline in stock prices.

Bloomberg Markets - The US carried out another wave of strikes against Iran.

Bloomberg Markets - Oil prices increased due to concerns about a disruption in energy supplies.

WHERE:

NY Post - The Strait of Hormuz is the location of the announced blockade and tolls.

Bloomberg Markets - The conflict involves the Strait of Hormuz and Iran.

WHEN:

Bloomberg Markets - June CPI is expected to be released on Tuesday.

WHY:

Bloomberg Markets - Rising tensions and clashes over the Strait of Hormuz raised concerns about energy supply disruptions that could fuel inflation.

HOW:

NY Post - Investors remained jittery about tech stocks amid the announcement of the blockade.

(UPDATED July 13, 2026 18:28 UTC)

President Trump has announced a new blockade and tolls on the Strait of Hormuz, which has contributed to a surge in oil prices, now nearing $80 a barrel. This announcement comes amid rising tensions and ongoing US strikes against Iran, leading to concerns about potential disruptions in energy supplies that could further fuel inflation. Meanwhile, a selloff in tech giants has caused a decline in stock prices, leaving investors feeling jittery about the market.