Vessels anchored in Bandar Abbas along the Strait of Hormuz. AFPInfoOil prices ease on gains after US President's reversalPresident Donald Trump on Tuesday suggested investments from Gulf states into the US would compensate for protecting commercial shipping through the Strait of Hormuz, reversing a proposal to charge a 20 per cent toll on cargo shipped through the vital waterway.In a post on Truth Social, Mr Trump said he replaced the 20 per cent charge after "highly productive conversations with Middle East leadership". He also said the "massive" investments would benefit both the US and Gulf economies.The President said in the same post that the US would maintain its blockade on vessels travelling to and from Iranian ports or carrying Iranian cargo, while keeping the strait open to international shipping.Mr Trump first pitched the plan to receive compensation for guarding the strait, through which one fifth of the global energy supply passes, on Monday. The UN's shipping agency said it opposed placing fees on passage through waterways but said it would wait for additional details from the White House.Oil prices pulled back gains after Mr Trump announced he was abandoning the toll. Brent, the international benchmark for crude, was trading 0.96 per cent higher at $84.10 per barrel while West Texas Intermediate, which tracks US crude, was up 0.92 per cent at $78.86 as of 11.34am ET.Updated: July 14, 2026, 4:23 PM