Donald Trump reverses Hormuz toll plan as US‑Iran conflict escalates
President Donald Trump announced a 20% fee on all cargo transiting the Strait of Hormuz, branding the United States the “guardian” of the waterway. Within 24 hours, Gulf allies—including Saudi Arabia, the United Arab Emirates, Bahrain and Qatar—pressured him to drop the proposal, and Trump reversed the plan, citing new investment pledges from the Gulf states.
Meanwhile, the United States resumed a naval blockade of Iranian ports and launched several waves of precision strikes against Iranian military facilities, targeting command centres, air‑defence sites, missile and drone capabilities, and coastal surveillance installations in Bandar Abbas and on Greater Tunb Island. Iran warned it would keep the strait closed until U.S. attacks cease, and Iranian forces have attacked commercial tankers and U.S. bases in the region.
The heightened tension has nudged oil prices higher, with Brent and WTI futures edging up modestly, while gold steadied amid mixed inflation data. Analysts note that the strait, which carries about one‑fifth of global oil shipments, remains a critical chokepoint, and the ongoing confrontations could further tighten world energy markets.