Trump drops 20% Strait of Hormuz fee, replaces it with Gulf states' investment deals

US President Donald Trump announced on Tuesday, July 14, 2026, that he had dropped a plan to charge a 20 percent fee on ships passing through the Strait of Hormuz, replacing it with trade and investment deals with the Gulf states. The decision came just hours before the fee was due to take effect.

In a statement, Trump said that based on highly productive conversations with regional leaders, the 20 percent US reimbursement fee would be replaced by investments the various Gulf states would make into the United States. He added that the strait was open to all shipping except vessels belonging to Iran.

The UN's International Maritime Organization had earlier opposed any fees on waterways used for international navigation, saying there was no legal basis for mandatory tolls on strait transits. Scrapping the plan removes one risk driver from the oil market, though military tension over the Strait of Hormuz continues.