US moves to blockade Iran, levy 20% Hormuz cargo charge

President Donald Trump moved to reinstate a U.S. naval blockade of Iranian ports and said ships using the Strait of Hormuz would face a 20% cargo charge, deepening a fast-moving confrontation with Tehran. The order is set to take effect at 4 p.m. ET Tuesday, as U.S. strikes on Iran entered a third night. The United Arab Emirates said Iranian missiles hit two of its tankers in the strait on Monday, killing an Indian crew member and wounding eight people, including six Indians and two Ukrainians. Iran's Revolutionary Guards said the vessels ignored warnings and crossed a mined route. Oil prices climbed in Asian trading after Brent surged more than 9% a day earlier.