Oil prices reached a four-week high as the United States reinstated a naval blockade on Iran and introduced a 20 per cent toll on cargo vessels transiting the Strait of Hormuz.President Donald Trump's announcement marked a significant policy shift, with Brent crude futures rising 2.1 per cent to $85.11 a barrel and West Texas Intermediate gaining 2.3 per cent to $79.91.

The move has intensified regional tensions following attacks on UAE oil tankers, Iranian strikes on Bahrain, and US military actions against Iranian targets.Analysts warn that the shipping fee proposal could escalate military conflicts and cause further oil price volatility.

The decision reflects a broader geopolitical struggle over control of critical maritime routes and energy resources, with potential implications for global markets and international relations.