You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Oil Rises As Iran's IRGC Vows "Not A Single Drop" Of Oil Will Transit Hormuz Oil Rises As Iran's IRGC Vows "Not A Single Drop" Of Oil Will Transit Hormuz by Ship & Bunker News Team Tuesday July 14, 2026 Tweet Follow @shipandbunker Meanwhile, Trump replaces Hormuz levy proposal with incoming investment opportunities from Gulf states: File Image/Pixabay  A third night of U.S. military strikes against Iran caused oil to climb   as much as 4.6 percent on Tuesday before eventually dropping to about 2 percent after U.S. president Donald Trump stated he would abandon his earlier proposal for Washington to charge a 20 percent fee for the safe passage of ships through the Strait of Hormuz . Trump said he would replace the fees with “Trade and investment deals that the various Gulf states will be making into the United States” – a statement that caused analysts to ponder which countries had agreed to invest in exchange for safe passage. Brent settled up $1.43 , or 1.7 percent , at $84.73 per barrel, while West Texas Intermediate settled up $1.20 , or 1.5 percent , at $79.34 ; the increase for Brent kept the benchmark in technically overbought territory for a second consecutive day for the first time since March. “ "Not a single drop of oil and gas" will be exported from the region Iran’s Revolutionary Guard Corps Also on Tuesday, Qatar strongly condemned repeated Iranian attacks on Jordan , Bahrain , and Kuwait – but instead of calling for countermeasures it advocated for “maintaining the path of dialogue, diplomacy and de-escalation.” Iran on Tuesday was blamed by Oman for targeting three Liberian-flagged oil tankers in separa