Trump scraps threat of 20% fee on Hormuz cargo as US prepares to resume blockade of Iran ports
North AmericaBusinessHigh confidence — 91/100
President Donald Trump has reversed his threat of a 20% fee on all Strait of Hormuz cargo shipping, as the US battles to break Iran's hold on the waterway.
He said the toll would be replaced by trade and investment deals with Gulf states, just hours before the US resumes a blockade of Iranian ports.
This follows renewed strikes between the US and Iran, which triggered a sharp rise in oil prices as tanker traffic through the Strait has virtually stalled.
Confirmed
President Donald Trump has reversed his threat of a 20% fee on all Strait of Hormuz cargo shipping, as the US battles to break Iran's hold on the waterway.
Unverified
He said the toll would be replaced by trade and investment deals with Gulf states, just hours before the US resumes a blockade of Iranian ports.
This follows renewed strikes between the US and Iran, which triggered a sharp rise in oil prices as tanker traffic through the Strait has virtually stalled.