Story perspectives

Trump Blockade Spurs Oil, Gold Rise; Fed Hike Odds Jump

7/14/2026

Summary

Story summary

President Donald Trump’s blockade announcement July 13 sent Brent crude up 5% to $79.11 per barrel and pulled gold to $4,060.49, prompting the World Gold Council to warn that trading below $4,000 could trigger more selling.
Fed Governor Christopher Waller warned a hot inflation report could prompt tightening.
FedWatch raised September rate-hike odds to 75%, prompting the Federal Reserve (Fed) report to note spring inflation rose, citing tariffs and energy costs.

History

Historical Context

The October 1973 OAPEC oil embargo—led by Saudi King Faisal in response to U.S. support for Israel—cut output by 5 % per month and drove crude from $3 to nearly $12 a barrel, sparking stagflation. That shock taught central banks that sudden supply cuts can force premature rate hikes, a pattern echoed today by President Trump’s Gulf blockade and Fed Governor Christopher Waller’s tightening warning.

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Story summary

President Donald Trump’s blockade announcement July 13 sent Brent crude up 5% to $79.11 per barrel and pulled gold to $4,060.49, prompting the World Gold Council to warn that trading below $4,000 could trigger more selling.
Fed Governor Christopher Waller warned a hot inflation report could prompt tightening.
FedWatch raised September rate-hike odds to 75%, prompting the Federal Reserve (Fed) report to note spring inflation rose, citing tariffs and energy costs.

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