U.S. reinstates blockade on Iran in Strait of Hormuz
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.
Context
Iran asserted control of the strait after the United States and Israel started the war on Feb. 28. The two sides set a 60-day negotiation window that is now halfway through. Continued attacks could derail talks or lead to more strikes.
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