US shares have retreated as Donald Trump announced he would try to charge fees on cargo ships in Hormuz; Oil jumped as traders priced in a 50-50 chance of a rate hike. Follow live updates.

Wall Street rallied on Friday before Gulf hostilities flared again. ASX futures point to a gain this morning. Follow the day's events and insights from our business reporters on…

ASX futures climb before Trump threatens Iran with more strikes; Iran closes Hormuz; Brent closes at $US76 a barrel on Friday; $A at US69.84c. Follow live.