Ships passing through the Strait of Hormuz face a 20 per cent “safe passage” fee under a proposal by the United States.
The levy, announced by President Donald Trump in a Truth Social post on Monday, would help cover the cost of maintaining security in the strategic waterway.
“All other countries will have fair and open use of the Strait,” he said.
“The U.S.A. will be, from this point forward, known as ‘THE GUARDIAN OF THE HORMUZ STRAIT,’ but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World.
“The process and formation will begin immediately.”
Trump’s announcement comes as the US resumed strikes against Iran in a disintegration of the ceasefire agreement between both countries.
The US president has vowed to hit Iran “very hard”, criticising Tehran for failing to agree to a deal.
Over the weekend, the US Central Command (CENTCOM) said it hit 140 targets. The strikes continued into Monday afternoon, hitting infrastructure and killing civilians.
Iran accused the US of undermining talks with Oman on ensuring safe passage through the strait and has since retaliated with strikes against US facilities in neighbouring Gulf countries.
The latest escalation has sent oil prices surging through the roof. Brent crude, the global oil benchmark, climbed 3.60 percent to $78.7 a barrel, up from its recent low of around $70 a barrel.
