Oil prices go over $80 per barrel as Trump threatens to take over Strait of Hormuz

American benchmark oil prices rose over $80 per barrel on Sunday and fell to just below that on Monday morning, as President Donald Trump threatens to take over the Strait of Hormuz. 

Trump said on Monday he would reimpose a blockade on the waterway, which is vital to the global energy trade, and impose a 20% toll on ships transiting the strait. On Tuesday, the U.S. and Iran exchanged fire, The Hill reported. 

Between July 6 and July 14, the West Texas Intermediate price of oil went up approximately 13%, and Tuesday's price brings the market back to where it was last month prior to any ceasefire agreements. 

On Monday, only 10 vessels passed through the Strait of Hormuz, the lowest level in a month. Prior to the war, 130 vessels per day would transit the strait, according to the New York Times.