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

Odaily Planet Daily News U.S. President Trump announced the reinstatement of a blockade on ships traveling to and from Iranian ports through the Strait of Hormuz. Iranian vessels will be banned from entering or leaving via the strait, while ships from other countries may still pass through, but a 20% fee will be charged on the total value of all cargo they carry. The U.S. Central Command stated that the blockade will begin at 4:00 PM EDT on July 14.

Amid escalating tensions between the U.S. and Iran, international oil prices rose, with Brent crude surging approximately 10% to around $83.63 per barrel. As of now, the U.S. government has not yet disclosed the specific implementation method for the 20% fee. The International Maritime Organization has expressed opposition to charging transit fees for international straits used for navigation. (Bloomberg)