U.S. reinstates blockade on Iran in Strait of Hormuz

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President Donald Trump announced the United States is reinstating a blockade on Iran in the Strait of Hormuz and will charge a 20% toll on eligible cargo for safe passage, saying the measure will stop Iranian ships while allowing other countries access. The announcement followed an Iranian attack on a container ship on July 12 and comes amid stalled peace talks during a 60-day negotiation window. Iran says it can manage traffic under a recent interim deal, while the U.S. and others cite freedom of navigation; markets briefly pushed oil prices up nearly 5% before easing.

The United States will charge a 20% toll for passage through the strait.