Trump reinstates blockade of Iranian vessels in the Strait of Hormuz, plans to impose a 20% fee on cargo in transit

Odaily Odaily News: U.S. President Donald Trump has announced the reinstatement of a blockade on vessels traveling to and from Iranian ports through the Strait of Hormuz. Iranian ships will be banned from entering or exiting via the Strait of Hormuz, while vessels from other countries may still pass, but a 20% fee is proposed to be levied on the total value of all cargo they carry. The U.S. Central Command stated that the blockade will take effect at 4:00 PM Eastern Time on July 14.

As tensions between the U.S. and Iran escalate, international oil prices have risen, with Brent crude briefly surging approximately 10% to around $83.63 per barrel. The U.S. government has not yet disclosed the specific implementation method for the 20% fee. The International Maritime Organization has voiced opposition to charging transit fees for international straits used for navigation. (BloomBerg)