Trump backs away from fee plan on Strait of Hormuz
US President Donald Trump abandoned a plan to impose a 20 percent fee for safeguarding the Strait of Hormuz during heightened tensions with Iran. Trump announced on Truth Social that he would pursue investment deals with Gulf states instead. Previous tensions had raised global oil supply concerns as Iran launched attacks on US bases in the region.
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Published 14 Jul 2026, 15:54 UTC · Updated 14 Jul 2026, 16:00 UTC
Summary by OZbrief Editorial. Original report: SMH. Editorial policy · Corrections
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