Escalating military clashes between the United States and Iran have thrown global energy supplies into chaos, forcing a sudden reversal of one of the Trump administration’s most controversial recent policy proposals. Just hours before a renewed US naval blockade of Iranian ports was set to go into effect, President Donald Trump announced he was abandoning his plan to impose a 20% fee on all commercial cargo passing through the strategically critical Strait of Hormuz. Instead, he says, the cost of US security operations in the waterway will be covered by large-scale trade and investment agreements with Gulf Cooperation Council nations. The sudden shift came amid rapidly intensifying cross-border strikes that have virtually halted tanker traffic through the chokepoint, driving international oil prices sharply higher and sending shockwaves through global energy markets.
Trump scraps threat of 20% fee on Hormuz cargo as US prepares to resume blockade of Iran ports
