Trump has lifted the requirement for ships to pay a toll to pass through the Strait of Hormuz

U.S. President Donald Trump has abandoned his plan to impose a fee on ships passing through the Strait of Hormuz equal to 20% of the value of their cargo. This came just one day after he announced the introduction of such a fee.

“I have decided to replace the 20 percent levy in favor of the U.S. with trade and investment agreements that various Gulf countries will conclude with the United States,” the American leader wrote on the social media platform Truth Social. “These investments will be HUGE, but at the same time extremely beneficial for them and their future.”

Trump did not specify the amounts involved or which countries would participate in his initiative.

Following the U.S. president’s statement, oil prices gave up nearly all the gains they had made during the trading session. At the time of this writing, futures for the benchmark Brent crude were up about 1% and trading at around $84 per barrel.

This news story is being updated.

This article was AI-translated and verified by a human editor