Trump Abandons 20% Hormuz Strait Toll Within 24 Hours, Resumes Iran Port Blockade

According to BlockBeats, on July 15, President Trump abandoned a proposal to impose 20% tolls on cargo transiting the Strait of Hormuz, reversing the plan within 24 hours of its announcement. Trump stated he would replace the toll scheme with trade and investment agreements from Gulf states, adding that Saudi Arabia, the UAE, Qatar, Kuwait, and Bahrain prefer increased investments in the U.S. over strait fees. U.S. Energy Secretary Wright confirmed the 20% toll is "no longer under discussion."

Simultaneously, the U.S. resumed naval blockade of Iranian ports and coastal regions, effective Tuesday afternoon. U.S. Central Command confirmed the military launched fresh strikes against Iran to degrade its ability to attack commercial vessels in the strait. Trump stated military operations against Iran will continue.