President Trump to Reimpose a U.S. Blockade of Iran

July 13, 2026

AI Summary

5 min read

President Trump announced today that the U.S. is reimposing a blockade on Iranian shipping through the Strait of Hormuz, sending international oil prices to their biggest single-day gain since 2020. In an interview on Fox & Friends, Trump said the U.S. would be back in control of the waterway, and on social media he said the U.S. would charge 20 percent of each cargo passing through as compensation for its costs, without explaining how that would work. Analysts cited in the episode note that taking over the Strait militarily would require either a substantial ground invasion or a risky naval operation, and Trump has not yet gone down that route. Iran’s armed forces said it would not allow the U.S. to interfere in how the strait is managed. Brent crude jumped 9.6 percent to more than $83 a barrel. Meanwhile, AI stocks sold off, dragging the Nasdaq down 1.6 percent, with the Dow and S&P 500 also lower.

Judge Rebukes Trump Over IRS Lawsuit

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1 (00:33) **Trump Reimposes U.S. Blockade on Iranian Shipping** - President Trump announces the resumption of the blockade on Iranian shipping through the Strait of Hormuz, effective tomorrow at 4 PM Eastern.
2 (02:20) **Judge Rebukes Trump in $10 Billion IRS Lawsuit** - A federal judge issues a scathing ruling against President Trump and his family, accusing them of acting in bad faith in their lawsuit against the IRS.
3 (03:10) **Darlene Graham Nordone Appointed as Interim Senator** - South Carolina Governor Henry McMaster appoints the late Senator Lindsey Graham's sister to serve as his temporary replacement.
4 (04:54) **Goldman Sachs Top Lawyer Stays On Amid Epstein Fallout** - Catherine Rummler, Goldman Sachs' General Counsel, remains at the bank in an advisory role after her planned departure was delayed.
5 (07:32) **Oil Prices Surge on Middle East Tensions; Markets Dip** - International oil prices see their biggest gain since 2020, while AI stocks sell off and major indices close lower.
6 (07:49) **12 States Sue to Block Paramount-Warner Bros. Merger** - A group of states, led by California, files a lawsuit to stop Paramount's $81 billion acquisition of Warner Bros. Discovery.
7 (08:22) **Appeals Court Revives Tylenol Autism Lawsuits** - Over 500 lawsuits alleging a link between Tylenol and autism or ADHD are reinstated by a federal appeals court.

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Show Notes

P.M. Edition for July 13. The standoff over the Strait of Hormuz heats up: President Trump says he is reinstating the U.S. blockade of Iranian shipping through the crucial waterway, sending oil prices soaring. Plus, a coalition of a dozen states is suing to block the merger between Paramount and Warner Bros Discovery, the strongest legal challenge yet to the $81 billion acquisition. And Kathryn Ruemmler had said she would step down as Goldman Sachs’s top lawyer at the end of June after her long relationship with Jeffrey Epstein came under scrutiny. But instead she’s staying on, complicating efforts to find her successor. WSJ lead financial reporter AnnaMaria Andriotis discusses what’s going on inside the bank ahead of Ruemmler’s testimony in front of Congress on Wednesday. Alex Ossola hosts.

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