Trump backs away from plans to charge fees in the Strait of Hormuz as attacks intensify
Trump said Gulf states will make massive U.S. investments after he scrapped the levy, reversing course within 24 hours as oil prices climbed.
- On Tuesday, July 14, 2026, President Donald Trump withdrew his proposal to charge a 20% toll on cargo transiting the Strait of Hormuz, announcing instead that Gulf states would make trade and investment deals with the United States.
- Following 'highly productive conversations with Middle East leadership,' Gulf states urged Trump to 'do it a different way' with financial commitments rather than a fee, prompting the administration to abandon the toll proposal.
- The United Kingdom and International Maritime Organization had opposed the toll, stating there is 'no legal basis' under international law for mandatory fees on ships transiting straits used for international navigation.
- Iranian Foreign Minister Seyed Abbas Araghchi mocked the proposal as '20% is of course too much,' while reasserting Tehran's claim as the sole 'guardian' of the Strait of Hormuz.
- Nearly 20% of global energy supplies transit the Strait of Hormuz, and ongoing regional volatility threatens to raise freight rates, insurance premiums, and international trade costs for energy-importing economies.
372 Articles
372 Articles
Trump's Hormuz Toll Gamble Ends Quickly: 20% Fee Abandoned After Single Day in Power Play
President Donald Trump has abandoned his proposal for a 20 per cent toll on cargo transiting the Strait of Hormuz, reversing the plan just one day after it was unveiled. The decision followed appeals from Gulf allies and substitutes the fee with commitments to expanded trade and investment deals from the region. Trump Announces Toll Plan To Cover Security Costs On Monday the president posted on Truth Social that the United States would hencefort…
The United States and Iran fuel the battle for a narrow key to the world economy and the shipping companies fear a great cost in transport.The Republican idea gives letter of nature to the billing in the sea pass
Oil eases off day's highs after Trump nixes proposed 20% Strait of Hormuz transit fee (USO:NYSEARCA)
Crude oil futures extended gains but pulled back from day's highs after President Trump scrapped a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz
After just 24 hours, the president goes back: "We will have investments from the Gulf States." Three more oil tankers hit in the Strait. The Pasdarans: "They did not listen to our warnings"
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