Trump's Hormuz fee could add $16 to a barrel of oil - US President Donald Trump's plan to impose a 20% fee on cargo transiting the Strait of Hormuz threatens the global oil surplus, especially if renewed fighting once again closes the key waterway.

Oil at $120: will this force the Bank of England to raise rates? - The Bank of England is likely to keep interest rates unchanged at its meeting on July 30, despite rising energy prices, according to a research note from ING Economics published on Monday.