Trump Proposes 20% Fee on Cargo Shipped Through Strait of Hormuz, Bloomberg Says

According to Lianhe Zaobao citing Bloomberg, US President Donald Trump has proposed charging a 20% “compensation fee” on goods transported through the Strait of Hormuz, a move Bloomberg estimated would amount to about USD 30 million (about SGD 39 million) per fully loaded supertanker carrying oil. The estimate is based on oil at about USD 80 a barrel and a supertanker capacity of roughly 2 million barrels. Trump said on Monday, July 13, on Truth Social that the US would restart a maritime blockade of Iran and become the “guardian” of the Strait of Hormuz, adding that the fee would be levied at 20% of the value of all cargo for “fairness.” The White House did not provide details on implementation or whether US Gulf allies had been informed. Shipping industry participants said they were surprised and skeptical, and several shipowners said they had not received prior notice. Iran’s Foreign Minister Abbas Araghchi wrote on X on July 13 that ensuring safe passage should be compensated, but said 20% was too much and that Iran would charge fairly. The report said the strait typically carries about one-fifth of global oil and gas shipments.