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 instead of paying a 20% transit fee on ships using the Strait of Hormuz.
- 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.
322 Articles
322 Articles
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"
Trump Drops Proposed 20% Hormuz Transit Fee, Opts For 'Gulf Deals' Instead As Strait Tensions Simmer
Donald Trump dropped a proposed 20% fee on Strait of Hormuz shipping, opting for Gulf investment deals instead, while maintaining a full blockade on Iranian oil and praising US military presence amid falling maritime traffic.
Cross raids have wrecked the temporary truce agreement. Two seafarers died and 14 were wounded in an attack in Tehran
Coverage Details
Bias Distribution
- 40% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
