Trump’s 20% Hormuz Toll Proposed Then Scrapped as Oil Surges

President Trump briefly floated a controversial 20% toll on oil tankers passing through the Strait of Hormuz—a critical chokepoint for global energy supplies—aimed at pressuring Iran and generating revenue amid heightened regional tensions. The proposal, which quickly drew backlash from allies, shipping firms, and markets, was rapidly scrapped as oil prices surged over fears of disrupted supply routes and retaliatory actions.