Oil eases off day's highs after Trump nixes proposed 20% Strait of Hormuz transit fee

Crude oil futures extended gains but pulled back from day's highs after President Trump scrapped a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz

Crude oil futures extended the previous session's sharp gains Tuesday but pulled back from the day's highs after President Trump scrapped a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz, while the To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser. If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.

Entering text into the input field will update the search result below Entering text into the input field will update the search result below Quick Insights Increased conflict, such as U.S.-Iran military actions and attacks on Gulf states, boosted crude oil prices to near-term highs, though price volatility continues with shifting developments. The U.S. blockade on Iranian ports and the temporary elimination of shipping fees caused price swings as access uncertainty spooked markets, with some shipments reportedly not getting through. Ukraine’s strikes led Russia to reduce diesel exports, which in turn raised global diesel prices.