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UPDATE — Jul 13, 2:21 PM CT: IRGC Navy destroys at least two vessels crossing Hormuz without permission

The IRGC Navy blew up at least two vessels that attempted to transit the Strait of Hormuz without permission, according to Tasnim as relayed by Telegram channel @Middle_East_Spectator. The channel framed the strikes as a signal that the strait is "open for business" — but only for traffic that complies with Iran's new crossing terms.

The report could not be independently verified and specific details on the vessels, casualties or cargo were not provided.

Kingdom Exploration's read: if confirmed, kinetic enforcement at the world's most critical oil chokepoint sharply raises the risk premium. Roughly a fifth of global oil flows through Hormuz, and any attack on shipping there threatens tanker insurance costs, transit volumes and crude prices.

UPDATE — Jul 13, 12:55 PM CT: Trump moves to reimpose Iran blockade, impose 20% Hormuz shipping toll

President Trump is reimposing a blockade on Iran and charging a 20% toll on shipping through the Strait of Hormuz, per qz.com. The report offers no further detail on timing or enforcement, but the measures would add fresh pressure to a chokepoint already at the center of US-Iran tensions.

Kingdom Exploration's read: a 20% levy on Hormuz traffic - the route for roughly a fifth of the world's seaborne oil - would raise costs across the tanker market and could feed directly into crude prices if enforced. A renewed blockade sharpens the risk of supply disruption on top of the existing strait shutdown.

Iran has shut down the Strait of Hormuz amid escalating tensions with the United States, according to a report from Crypto Briefing published minutes ago. The development, if confirmed and sustained, targets the single most important maritime chokepoint in the global oil trade and immediately raises the risk of a supply disruption in the crude market.

📍 STRAIT OF HORMUZ — LIVE CONFLICT MAP · CLICK MAP TO EXPLORE ALL EVENTS

What Just Happened

Per Crypto Briefing, Iran moved to close the Strait of Hormuz against the backdrop of rising friction with Washington. The Strait connects the Persian Gulf to the Gulf of Oman and the open ocean, and it is the primary export route for crude and condensate produced across the Gulf region. Any interruption to traffic through this narrow waterway forces vessels to seek limited alternatives and rattles global energy markets.

At this stage, the reporting is early and details remain limited. Kingdom Exploration is treating this as a developing story and is relaying only what has been reported by the outlet.

The Numbers

The source report did not provide specific figures on volumes affected, price movements, or the duration of the shutdown. What is not in dispute is the strategic weight of the Strait itself: Hormuz is widely regarded as the world's most critical oil transit chokepoint, and a shutdown removes optionality for tankers moving Gulf barrels to buyers in Asia, Europe and beyond.

As concrete data on tanker traffic, insurance rates and benchmark crude prices emerges, we will update this article. For now, no verified quantitative details accompany the initial report.

Why Oil Prices Could Rise

The mechanism is straightforward. When barrels that normally reach the market face a credible threat of being blocked, traders price in a risk premium. A closure of Hormuz does three things at once:

  • Puts physical supply at risk. A large share of seaborne crude exports depends on passage through the Strait. Even a partial or temporary blockage can strand cargoes and tighten availability.
  • Adds a geopolitical risk premium. Markets tend to bid crude higher on the fear of escalation, not just on confirmed barrel losses. Uncertainty alone can move prices.
  • Tests spare capacity and alternatives. Only a portion of Gulf production can be rerouted through pipelines that bypass the Strait, meaning the market's cushion is limited if the waterway stays closed.

Kingdom Exploration's read: Hormuz is the ultimate single point of failure for global oil logistics. When it is threatened, the market does not wait for confirmation of lost barrels — it prices the possibility first and asks questions later. The severity and length of any disruption will determine whether this becomes a brief spike or a sustained repricing.

What to Watch Next

  • Official confirmation. Watch for statements from Iranian authorities, the US, and regional governments verifying the scope and status of the closure.
  • Tanker traffic and shipping insurance. Real-time vessel movements and war-risk insurance premiums will show whether commercial shipping is actually halting.
  • Benchmark crude reaction. Brent and WTI futures are the fastest gauge of how seriously the market is taking the threat.
  • Alternative export routes. Utilization of pipelines that bypass Hormuz will signal how much supply can be salvaged.
  • Diplomatic and military response. Any move to reopen or secure the Strait will be pivotal for how long the risk premium holds.

This is a fast-moving situation. Investors and energy watchers should rely on confirmed reporting and treat early figures with caution until they are corroborated.

Reporting sourced from Crypto Briefing. Developing story.

About Kingdom Exploration

Kingdom Exploration LLC is an Oklahoma-based oil and gas exploration company. Learn more at kingdomexploration.com.