Iranian FM mocks Trump over Strait of Hormuz payment demand: ‘We will be fair’

President Donald Trump's plan to impose a 20% fee on cargo passing through the Strait of Hormuz is threatening the global oil surplus, especially if renewed fighting shuts the key waterway again.

President Donald Trump has floated placing a 20% toll on all cargo shipped through the Strait of Hormuz, but since the war began, key members of his administration have ruled out similar proposals.

By announcing the restoration of a naval blockade against Iran while declaring that the U.S. will impose a 20 percent toll on cargo transiting one of the world's most vital waterways, the U.S. president has crossed a line that should alarm adversaries and allies alike.

Oil prices jumped to a one-month high of US$84.78 a barrel on Tuesday morning as renewed fighting between Iran and the US over control of the strait – the conduit for a fifth of the world’s crude oil and gas in peacetime – rattled markets once more.