Trump Scraps Hormuz Toll, Iran Strikes Intensify

President Donald Trump reversed course on a proposed 20% levy on commercial cargo transiting the Strait of Hormuz less than 24 hours after announcing it, saying he would replace the fee with trade and investment agreements with Gulf states.

The reversal came as US forces carried out a third consecutive night of air strikes on Iran’s coastal defences and imposed a naval blockade on Iranian ports.

Iran struck back, launching missiles at two Emirati oil tankers in the strait, killing one Indian crew member and wounding eight others, and firing on the US Fifth Fleet in Bahrain.

The renewed hostilities drove oil prices to a one-month high and prompted warnings from the UN human rights chief of a severe impact on civilians and essential supplies.