Oil prices soar more than 9 per cent as the US president threatens to blockade the Strait of Hormuz.
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Tue 14 Jul 2026 at 7:43am
Aussie dollar also drops on Hormuz blockade
The local currency has dipped below 70 US cents.
Here’s a morning wrap from CBA’s currency analysts:
“AUD/USD dropped towards 0.6910 overnight as renewed concerns about energy supply disruption in the Strait of Hormuz weighed on risk sentiment and supported the USD.
“The flare‑up of military confrontation between the US and Iran risks pulling AUD/USD down to support at 0.6847 (50% fibbo).”
Their analysts note that inflation data due out in the US today could also have an impact on the Australian dollar.
The dollar’s currently at 69.17 US cents.
Tue 14 Jul 2026 at 7:32am
Brent future gain is biggest since 2020
More on that spike in oil prices overnight:
WTI surged 9.4% to $78.14 a barrel, its biggest single-day percentage gain since April 2, and Brent jumped 9.6% to $83.30, its sharpest one-day rise since May 5, 2020.
Reporting with Reuters.
Tue 14 Jul 2026 at 7:26am
Oil prices spike 9% as Trump threatens Hormuz blockade
Good morning. We’ve woken up in Australia to some significant news out of the White House, with Trump threatening a major blockade of the Strait of Hormuz.
That’s sent oil prices soaring 9% on both brent crude and West Texas indicators. That’s after weeks of subdued pricing as hopes grew of an end to the war in the Middle East.
More from Reuters:
Brent futures posted their biggest single-day dollar gain since April 2 and highest settlement since June 12.
US crude futures, meanwhile, made their largest daily gain since April 29 to settle at their highest since June 15.
And here’s the latest on the Strait of Hormuz.
