Trump drops 20% Hormuz transit fee a day after reviving blockade
What's new: Oil had jumped as much as 9% and bond yields rose before Trump shifted to seeking trade and investment deals with Gulf allies.
President Donald Trump scrapped a proposed 20% fee on commercial ships using the Strait of Hormuz less than a day after pairing it with a renewed US naval blockade on Iranian shipping. The rapid reversal followed a market jolt that sent crude prices up as much as 9%, pushed sovereign bond yields higher and fueled fears of an energy-driven inflation shock. Trump instead floated trade and investment deals with Gulf allies in exchange for safe passage through the waterway. The broader conflict with Iran remains unresolved, with commercial traffic in the strait under heavy pressure and analysts questioning whether Washington had any legal basis to impose the toll in the first place.