Trump reverses Hormuz fee, strikes resume

U.S. President Donald Trump on July 14, 2026, reversed his one-day-old plan to impose a 20% transit fee on ships using the Strait of Hormuz, instead saying Gulf states would make trade and investment deals with the U.S. The reversal came as U.S. forces launched a third consecutive night of strikes on Iran, targeting coastal defense systems, missile and drone sites, and maritime capabilities. Iran retaliated by attacking U.S. allies in the region, including Bahrain, Jordan, and Kuwait, and striking two Emirati oil tankers (Mombasa and Al Bahiyah) in the Strait of Hormuz, killing one crew member and wounding eight others according to the UAE. The U.S. reimposed a naval blockade on Iranian ports, set to take effect at midnight Wednesday in Dubai. The renewed hostilities have cast doubt on the 60-day interim peace deal signed in June, which was intended to reopen the strait and lead to a permanent end to the war. Oil prices briefly topped $87 per barrel before dipping to $78 after Trump's announcement. The UN condemned the escalation, warning of severe humanitarian consequences. Mediators from Pakistan, Qatar, and Oman continue efforts to revive the ceasefire.