Trump withdraws from plans to impose 20% duty on ships passing through the Strait of Hormuz

President Donald Trump announced that he would no longer impose a 20% tariff on ships passing through the Strait of Hormuz, replacing it with trade agreements with Gulf countries. He also declared a complete blockade on ships arriving from or heading to Iranian ports, while allowing other international ships to continue passing through the strait. American forces targeted objectives in southern Iranian cities, including military facilities and the city of Bushehr, in a military escalation reflecting ongoing tension in the region. As a result of this escalation, oil prices rose significantly.

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