President Donald Trump announced that the U.S. will solicit a 20% toll on cargo shipped through the Strait of Hormuz. He also stated that the U.S. will reimpose its blockade of Iranian ports.
Following Trump's announcement, oil prices surged while stock indexes fell amid new strikes exchanged between the U.S. and Iran.
"The Strait of Hormuz is OPEN and will remain OPEN, with or without Iran," Trump wrote.
He also claimed that the U.S. will be the "guardian of the Hormuz Strait" and should be reimbursed as a matter of fairness.
Trump had previously suggested that the U.S. could charge fees to commercial vessels transiting the strait.
This announcement comes after a temporary ceasefire deal between the U.S. and Iran, which prohibited Iran from imposing charges on commercial ships passing through the strait.
