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President Donald Trump says the US will reinstate a blockade of the Strait of Hormuz and impose a 20% fee "on all cargo shipped" to help pay for it."The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran," Trump wrote on Truth Social on Monday morning. "We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving."Trump said the US would charge a 20% fee "on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World.""The process and formation will begin immediately," he wrote.Trump's announcement signals a further breakdown of an extremely tenuous ceasefire agreement between the US and Iran. The US-Iran War has disrupted the usual flow of oil through the Strait, one of the most critical passageways for the global oil market. Before the conflict, roughly 20% of the global oil supply flowed through the Strait of Hormuz.Oil prices have jumped as the peace agreement continues to break down. As of 10:40 am ET, Brent crude was up just under 5% on the day, moving closer to $80 a barrel.In recent days, the US has conducted a series of strikes against Iranian targets, which the Pentagon said were aimed at degrading Iran's ability to control the Strait.