President Donald Trump declared the U.S. will collect a 20% fee on all cargo transiting the Strait of Hormuz, a policy that would cost supertanker operators roughly $30 million per voyage and sent crude prices surging above $83 a barrel.
Back
Trump imposes 20% Strait of Hormuz fee, sending oil above $83
President Donald Trump declared the U.S. will collect a 20% fee on all cargo transiting the Strait of Hormuz, a policy that would cost supertanker operators roughly $30 million per voyage and sent crude prices surging above $83 a barrel.
The U.S. will impose a 20% levy on cargo passing through the Strait of Hormuz, Trump announced Monday, a move that would cost a fully loaded supertanker about $30 million per crossing and pushed Brent crude above $83.
"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," Trump wrote on Truth Social, adding that the U.S. would reimpose its naval blockade of Iranian ports effective Tuesday at 4 p.m. Eastern.
The fee dwarfs the ad-hoc charges Iran had previously levied on vessels, which people familiar with the matter said reached as high as $2 million per voyage. At current Brent prices of roughly $80 a barrel, a very large crude carrier hauling 2 million barrels would face a charge of approximately $30 million. Oil futures surged Monday, with Brent for September delivery trading at $83.08 and West Texas Intermediate climbing 5% to $75.10, as the escalation threatened to choke off a waterway that handles about a fifth of the world's oil and a fifth of its liquefied natural gas.
The policy marks a dramatic escalation in the U.S.-Iran conflict and threatens to reignite inflationary pressures that had been easing after crude prices fell back toward prewar levels of $70 in early August. The International Maritime Organization said there is "no legal basis" for mandatory tolls on international straits, while Secretary of State Marco Rubio said as recently as June 23 that "no country is allowed to charge tolls or fees on an international waterway."
The announcement came as the U.S. launched its third consecutive night of strikes against Iran, with Central Command saying it hit a submarine and ship maintenance facility at Bandar Abbas Naval Base using unmanned surface vessels for the first time in combat. Trump told Fox News the U.S. would "take out" Pickaxe Mountain, a deeply buried site analysts believe could be part of Iran's nuclear program.
Iran responded by declaring the strait closed "until further notice" through its Persian Gulf Strait Authority, though maritime tracking data from Kpler showed at least 14 vessels crossed Sunday and three commodity vessels crossed Monday. Iranian Foreign Minister Abbas Araghchi mocked Trump's fee proposal, writing on social media that "20% is of course too much. We will be fair," while asserting that Iran "has always been the GUARDIAN of the Strait and will remain so FOREVER."
The last time the U.S. imposed a naval blockade on Iran was in April, when the military redirected 100 commercial vessels and disabled four under the blockade before lifting it in June as part of a fragile memorandum of understanding. Trump declared that ceasefire "over" last week, and the U.S. formally notified Congress on July 10 that military action against Iran resumed on July 7.
Oil Markets Reprice the Risk Premium
Brent crude had fallen to around $70 in early August, near prewar levels, as the ceasefire briefly allowed shipping to resume. Monday's spike erased those gains and pushed the war premium back toward levels not seen since the conflict's early months, when Brent peaked above $110 in late March and early April. Only 14 vessels crossed the strait Sunday, the lowest daily count since June 13, with half of those Iran-flagged, according to Kpler.
The U.N. shipping agency warned that any mandatory toll "has no legal basis," while U.N. Secretary-General Antonio Guterres expressed "deep concern" and warned that a return to full-scale hostilities would have "catastrophic consequences" for the region and the global economy. Iran struck targets in Bahrain, Oman, Jordan and Kuwait on Monday, claiming retaliation for U.S. strikes, while Qatar condemned the attacks and urged de-escalation.
For global energy markets, the key question is whether the U.S. can enforce both a blockade and a fee regime simultaneously. The Strait of Hormuz sits within the territorial waters of Iran and Oman at its narrowest point, and Iran has attacked vessels attempting to use the southern route near Oman that the U.S. insists remains open. With diplomatic talks through Qatari, Pakistani and Omani mediators appearing stalled — Iran's foreign ministry said Sunday the latest U.S. strikes had "rendered futile" recent diplomacy — the risk of a prolonged disruption to the world's most important oil chokepoint is rising.
This article is for informational purposes only and does not constitute investment advice.
[1] Trump's demand for the Strait of Hormuz means each supertanker would need to pay $30 million, while Iran previously charged up to $2 million[2] Trump orders more Iran strikes after vowing to "keep" Strait of Hormuz, charge...[3] Trump reinstates Iran port blockade and vows 20% charge on cargo passing through...[4] Marco Rubio’s Warning ‘No Country’ Can Charge ‘Tolls’ in Hormuz Goes Viral After...[5] US to take over Strait of Hormuz, charge 20 percent fee for cargo shipped...
