Trump says US to charge 20% fee for securing Strait of Hormuz shipments

The United States will receive compensation amounting to 20% of the value of all cargo transported through the Strait of Hormuz for ensuring its security, US President Donald Trump said in post on Truth Social.

Trump said the Strait of Hormuz was open and would remain open "with or without Iran."

He said the United States was reinstating what he called the "Iran blockade," adding that it would apply only to vessels belonging to Iran and its customers, which would be barred from entering or leaving the strait.

According to Trump, all other countries will have fair and unrestricted access to the strait.

He said the United States would now be called the "Guardian of the Strait of Hormuz," and that the payments would be used to cover the costs of ensuring security and defense in what he described as an extremely unstable region.

Trump added that the process and the creation of the relevant mechanism would begin immediately.