Oil prices rose by about another 2% in early Tuesday trading, continuing Brent’s 9.6% surge the day before.

This was the biggest day-to-day increase of the benchmark since May 2020. Brent rose by $1.68 to $84.98, while U.S. West Texas Intermediate rose 2.1% to trade at $79.79 per barrel.

The increase came after U.S. President Donald Trump announced that he is reinstating the Islamic Republic’s maritime blockade and that, to protect transit through the Strait of Hormuz, he will demand an amount equivalent to 20% of the value of shipments.