Trump scraps threat of 20% fee on Hormuz cargo as US resumes blockade of Iran ports
Image: BBC News
President Donald Trump has reversed his threat to impose a 20% fee on all cargo shipping through the Strait of Hormuz, as the US steps up efforts to break Iran's grip on the vital waterway.
Trump said the levy would be replaced by what he called "massive" trade and investment deals with Gulf states, just hours before the US resumed its blockade of Iranian ports.
The reversal follows fresh exchanges between the US and Iran that sent oil prices climbing as tanker traffic through the strait all but ground to a halt.
US Central Command said late on Tuesday that its forces had launched another round of strikes against Iran "to continue degrading Iranian capabilities used to attack commercial shipping" in the corridor.
The conflict has now drawn in shipping through one of the world's most important oil chokepoints, with vessel-tracking data showing traffic slowing sharply as both sides escalate.
The move underscores how precarious the ceasefire remains, with Washington and Tehran still trading blows even as mediators push for a lasting deal.