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20% toll on Hormuz shipping fails to take effect after brief notice
Markets saw a modest stock bounce after the announcement, but oil gave back earlier gains during the session amid uncertainty about whether ships can transit under attack from Iran.
A proposed 20% toll on shipping through the Strait of Hormuz was announced by President Donald Trump but the announcement lasted about a day and never went into effect, according to commentary shared via Forexlive.
Forexlive said the move drew some blowback and suggested it may have been part of a broader strategy, though it remained unclear whether traffic will continue through Hormuz if ships are targeted by Iran.
The outlet noted that stocks experienced a modest bounce following the announcement, while oil weakened later in the session, reversing earlier gains as the situation around transit risk stayed uncertain.