7 days agoOil Settles Off Highs as Trump Drops 20% Hormuz Fee PlanOil futures add to yesterday's gains but settle off the day's highs after President Trump withdrew a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz."That was exponentially higher than the $1 per barrel that the Iranians were charging," says Mizuho's Robert Yawger. "That cost-of-carry issue is out the window and you see prices coming off accordingly."Yawger expects the U.S. would lift its blockade of Iranian ports when a certain number of ships are seen crossing the strait unmolested by Iran. That could mean 20 to 40 ships a day, well below pre-conflict levels, he says. "That's the new reality until we get some kind of bad deal that everybody can live with."