Trump seeks 20% fee on Strait of Hormuz cargo as oil jumps
Why it matters: The strait carried about 20% of global oil trade before the war, and the proposal shook stocks and energy markets.
President Donald Trump moved to charge commercial shipping 20% on cargo passing through the Strait of Hormuz and to reinstate a U.S. blockade of Iranian ports near the waterway. In posts and TV remarks on July 13, Trump cast the United States as the strait’s protector and said the policy would take effect immediately, without explaining how it would be enforced. The move came as fighting with Iran intensified and Tehran kept asserting control over the route. CNBC reported oil prices rose and stock indexes fell after Trump’s proposal. The strait is a critical artery for crude shipments, and both reports said roughly one-fifth of the world’s oil trade moved through it before the conflict disrupted traffic.