Trump drops Strait of Hormuz shipping fees plan as US-Iran conflict threatens fragile ceasefire
President Donald Trump reversed plans Tuesday to charge ships using the Strait of Hormuz, saying Gulf nations would instead make major investments in the United States. The announcement came as renewed fighting between the U.S. and Iran threatened to collapse a fragile interim peace agreement.
The deal had been intended to reopen the critical waterway and provide time for negotiations toward a permanent resolution to the conflict. Instead, new military strikes, attacks on commercial shipping and escalating tensions have raised concerns about global energy markets and regional stability.
The Strait of Hormuz has become the center of the conflict because it handles a significant portion of the world’s oil and natural gas shipments. During the war, Iran disrupted traffic through the passage by threatening and attacking vessels, causing prices for oil, fertilizer, and other goods to rise.
Iran has recently targeted ships traveling through a route outside its territorial waters that is monitored by the U.S. military, prompting retaliatory actions. While the U.S. has threatened to reopen the strait by force, military experts say such an effort could require a much larger naval presence or even ground forces.
Trump had announced Monday that the U.S. would restore a blockade on Iranian ports and impose a fee equal to 20% of cargo values on ships using the strait to help cover security costs. A day later, he abandoned the fee plan, saying Gulf countries would replace it with trade and investment agreements with the United States.
Trump said the investments would be substantial, though it remains unclear how much would represent new commitments compared with previously announced economic agreements.
The conflict continued to escalate as U.S. forces carried out strikes in Iran targeting coastal defense systems, missile and drone locations, and maritime capabilities. Iran acknowledged the attacks but did not immediately provide details about damage or casualties.
Iran responded with strikes targeting Bahrain, Jordan, and commercial vessels traveling through the Strait of Hormuz. Kuwait also reported responding to an aerial attack.
Two ships linked to the United Arab Emirates caught fire after being attacked, killing two crew members and injuring 14 others. Another shipping company reported that one of its vessels came under attack near Oman, causing an engine room fire, though all crew members survived.
Iran’s Revolutionary Guard said some targeted ships had ignored warnings before entering areas it claims to control. The attacks have increased fears of a broader regional conflict involving Gulf nations.
The renewed violence also prompted aviation warnings, with European aviation officials advising airlines to avoid airspace over Bahrain, Kuwait, Qatar, the United Arab Emirates and the Gulf of Oman due to the risk posed by missiles, drones and military operations.
The future of the interim peace agreement remains uncertain. The 60-day agreement was designed to allow negotiations over a longer-term settlement, including disputes involving Iran’s nuclear program and regional security concerns.
Trump’s decision to restore a blockade threatens to further undermine the agreement. The U.S. had previously suspended the blockade as part of the deal, but officials said it was expected to resume.
The proposed shipping fees would have represented a major shift in U.S. policy, which has long supported keeping the Strait of Hormuz open without tolls. Iran has argued it has authority to regulate traffic through the waterway, a claim the U.S. disputes.
Oil prices surged as tensions increased, with international crude prices briefly rising above $87 per barrel before falling after Trump announced he would abandon the fee plan.
Diplomatic efforts are continuing as regional mediators attempt to bring the United States and Iran back to negotiations. Officials involved in the talks said efforts are underway to restore the ceasefire and prevent a return to a wider war.
Separately, Lebanese and Israeli officials were expected to continue talks aimed at maintaining a fragile agreement involving the withdrawal of Israeli forces from southern Lebanon and the disarmament of Hezbollah.
The ongoing tensions surrounding the Strait of Hormuz and renewed U.S.-Iran fighting have raised concerns that multiple regional conflicts could further threaten the already fragile peace efforts.
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