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Line chart tracking WTI crude oil's 20% climb since July 1 amid the Hormuz shipping blockade.

WTI crude has climbed 20% since July 1 as the US reinstated a naval blockade of Iranian ports, the second such measure since April following this weekend's ceasefire collapse. Canadian crude has little direct exposure to the blockade itself, since it reaches export markets by pipeline rather than tanker through the Persian Gulf. The more consequential threat is a proposed toll on other Gulf shipping, worth roughly $32 million per supertanker, which would fall on allied cargo rather than Iranian oil itself.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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