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Trump reinstates Iran blockade, sets 20% toll on Hormuz shipping
A 20% tax on the value of goods transiting the Strait is expected to cost about $30 million per ship, on top of ongoing drone attack and insurance risks.
Forexlive reports that Trump said the U.S. is reinstating an Iranian blockade and will charge a 20% toll on the value of goods flowing through the Strait of Hormuz, framing the U.S. as the provider of protection for shipping through the waterway.
According to the outlet, the plan follows a dispute over costs for Gulf allies and would apply even as Iran remains a source of risk for maritime traffic, with drone attacks and higher insurance still in play.
The update also noted that the process and formation would begin immediately, and it highlighted the scale of movement through the Strait, with about 100 tankers a day typically transiting alongside many other ships.
Market snapshots cited by Forexlive showed gold down $95 to $4,024 while oil was up more than 5% on the day, rising about 1.6 percentage points since the announcement.
Latest closeGold $4,128.90 ▼0.0%