Oil price jumps as US-Iran clashes raise odds of interest rate rises

Economy The Guardian By Lauren Almeida and Julia Kollewe 14 Jul 2026 11:24 1 min read

Energy prices later stabilise after Trump abandons plan for 20% levy on traffic through strait of Hormuz Oil and gas prices jumped and expectations of interest rate rises in Europe increased on Tuesday after the US carried out a third night of military strikes against Iran. However, they later eased back after Donald Trump said he would abandon his proposal for the US to levy a 20% fee on cargo passing through the strait of Hormuz. Continue reading...

Energy prices later stabilise after Trump abandons plan for 20% levy on traffic through strait of Hormuz

Oil and gas prices jumped and expectations of interest rate rises in Europe increased on Tuesday after the US carried out a third night of military strikes against Iran.

However, they later eased back after Donald Trump said he would abandon his proposal for the US to levy a 20% fee on cargo passing through the strait of Hormuz.

Read the full story on The Guardian → Opens the original article on www.theguardian.com

Summary aggregated from The Guardian's public RSS feed. The full reporting belongs to The Guardian — please read it on their site.