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Trump says U.S. will be "guardian of the Hormuz Strait" and is reinstating Iranian blockade
President Trump said Monday that the U.S. will be "the guardian" of the Strait of Hormuz and suggested that other countries will pay the U.S. for securing it. "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," he said on Truth Social. "The process and formation will begin immediately." He also said the U.S. is reinstating its blockade on Iranian ports ... (full story)
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Oil prices raced upward on Monday as President Trump said the US would reimpose its blockade of the Strait of Hormuz and begin charging a 20% fee on any cargo shipped through the vital waterway, further complicating an already volatile situation in the Middle East. Futures on Brent crude (BZ=F), the international benchmark, jumped roughly 4.7% to trade at ...