Trump Reverses Threat of 20% Toll on Hormuz Shipping
US President Donald Trump has walked back a threat to put a 20% toll on shipping through the Strait of Hormuz, pledging large investments from Gulf states instead. The US and Iran have meanwhile renewed hostilities. Iranian officials said a previous truce has been "dismantled" and that they intend to remain in charge of the waterway.
Trump Walks Back Hormuz Toll
REPORTER:
US President Donald Trump has walked back his pledge of a 20% fee on cargo through the Strait of Hormuz.
Oil-producing states in the Persian Gulf had protested the toll. Trump on Tuesday said that it would be replaced by “massive” investment deals from those nations. The US also resumed a blockade on Iranian ports and traded attacks with Iran. Iranian officials say an earlier truce had been “dismantled” and vowed to retain control of the strait. Oil prices have spiked around 12% in three days amid the renewed tensions.
