Trump restores blockade of Iranian ships in the Strait of Hormuz, proposes 20% fee on cargo transported through the waterway
Odaily reported that U.S. President Trump has announced the restoration of a blockade on ships traveling to and from Iranian ports through the Strait of Hormuz. Iranian vessels will be banned from transiting the Strait of Hormuz, while ships from other countries may still pass, but a 20% fee will be imposed on the value of all cargo they carry. The U.S. Central Command stated that the blockade will take effect at 4:00 p.m. Eastern Time on July 14.
Amid escalating tensions between the U.S. and Iran, international oil prices have risen, with Brent crude briefly surging about 10% to around $83.63 per barrel. As of now, the U.S. government has not yet announced the specific method for implementing the 20% fee. The International Maritime Organization has expressed opposition to the imposition of transit fees for international straits. (BloomBerg)
