Trump backtracks on Hormuz toll as US keeps striking Iran

Donald Trump has made another U-turn on the Strait of Hormuz. Monday’s threat to impose a fee for cargo travelling through the strait is ditched after another night with the US and Iran trading strikes.

As his forces carried out a third straight night of attacks on Iranian targets, the US president declared that he would impose a 20 per cent toll on cargo passing through the Strait of Hormuz.

He made the declaration after the Iranian military had targeted tankers in the Strait of Hormuz, killing a crew member and injuring other sailors.

Then, after oil prices began to surge again, he scrapped his 20 per cent plan.