Oil prices moved higher on Tuesday after U.S. President Donald Trump unveiled new measures targeting shipping through the Strait of Hormuz, fuelling concerns that global crude supplies could face renewed disruption.

U.S. West Texas Intermediate (WTI) crude for August delivery rose more than 2% to trade near USD 80 a barrel, while Brent crude for September delivery also gained over 2%, building on strong advances from the previous session.

The rally followed Trump's announcement that the United States plans to introduce transit fees on cargo vessels passing through the Strait of Hormuz, one of the world's most important energy shipping routes. He also said Washington would restore restrictions on Iranian ports located near the strait, increasing geopolitical tensions in the region.

The latest developments have raised fears that the conflict could interfere with oil exports from the Middle East, a region responsible for a significant share of global crude production. Any prolonged disruption to shipping through the Strait of Hormuz could tighten supply and place additional upward pressure on energy prices.

Market analysts noted that the proposed measures increase uncertainty for both shipping and energy markets. Some also warned that renewed tensions between the U.S. and Iran could delay diplomatic progress and keep geopolitical risk elevated, supporting oil prices in the near term.

The Strait of Hormuz remains a critical chokepoint for global energy trade, with around one-fifth of the world's oil shipments typically passing through the waterway. As investors continue to monitor developments, further escalation in the region could keep crude prices volatile in the sessions ahead.

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