Trump reverses Hormuz toll plan but maintains Iran blockade policy

Donald Trump has dropped a plan to charge ships a 20% fee to pass through the Strait of Hormuz. He had announced the toll just days earlier, saying it was for security. He has now replaced it with plans for trade and investment deals with Gulf Arab states instead.

However, Trump said the US will keep a naval blockade of Iranian ports in place. The blockade follows three days of military strikes between the US and Iran. US forces carried out a five-hour operation hitting several sites in Iran, including the port cities of Bushehr and Bandar Abbas. Iran struck back and has rejected any US control over the strait.

The Strait of Hormuz is one of the world's most important shipping routes for oil.