Trump vows any damage to ships will be paid for with 'Iranian Money'

President Donald Trump has warned that any damage to cargo ships traversing the Strait of Hormuz will be paid for with seized 'Iranian money.'

The commander-in-chief made the announcement on his Truth Social platform Thursday evening as tensions mount in the strait, through which one-fifth of the world's oil supply traverses.

'Please let this statement serve to represent, until further notice, that from this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will be paid for by Iranian Money that the United States has in its possession, and controls,' Trump posted.

'These damages may be very substantial but, nevertheless, this is the fair and equitable thing to do.'

Control over the Strait of Hormuz had been a sticking point in the US's negotiations with Iran, as the Islamic regime tries to retain control of the waterway.