Global oil markets plunged into fresh turmoil on Tuesday after Iran indicated it may impose transit fees on vessels passing through the Strait of Hormuz, a move that reignited fears over energy supply chains. Brent crude surged 2.5% to $98.47 a barrel before extending gains to 4.1%, touching $100.11, while WTI slipped 2.8% to $93.91. The whipsaw came as traders struggled to parse contradictory signals from Washington and Tehran.
Iran’s foreign ministry spokesman Esmail Baghaei told Australia’s ABC that “there is no toll” but stressed that “navigation and the preservation of the ecosystem of the Strait… will have costs,” leaving open the possibility of an environmental fee or transit levy. Dave Ernsberger, president of S&P Global Energy, warned that “people are afraid to take a position with so much mixed messaging going on about the status of negotiations.” He cautioned that even a $1 per barrel charge could alter global trade dynamics, testing the principle of freedom of maritime passage.
Shipping traffic through the Strait remains at roughly 10% of pre‑war levels. Ernsberger estimated that production normalization across Qatar, Iraq, and parts of Saudi Arabia could take two months, while vessel flows might not recover until the fourth quarter. “The reality is that very few crude tankers or product tankers get through at all,” he told CNBC.
Despite the oil‑market chaos, crypto assets displayed relative resilience. Hyperliquid’s native token ($HYPE) hit a new all‑time high above $63, gaining over 144% year‑to‑date. A separate high‑stakes trade saw a Hyperliquid trader sitting on $6.2 million in floating profit from a 3x leveraged long on Micron ($MU), which briefly topped $879 a share. The contrast underlined how digital‑asset markets are increasingly decoupling from traditional energy shocks, though the potential for a prolonged Strait crisis to stoke inflation and tighter monetary policy remains a long‑term risk for all risk assets.
