President Trump announced a 20% toll on cargo vessels passing through the Strait of Hormuz on July 13, 2026, then abandoned the plan less than 24 hours later, according to BBC News. The naval blockade of Iranian ports, announced at the same time, remained in preparation.
Trump said the fee would be replaced by a different arrangement. "I will 'replace' the plan with investment into the US from Gulf states," he said, the Financial Times reported.
The U.S. continued preparations to resume the blockade even after dropping the toll. The stated objective, BBC News said, is to reduce Iran's control over the Strait of Hormuz.