Oil 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 Rob

Oil prices surge as Trump announces a 20% charge on Hormuz shipments. WTI reaching $110 in July 2026 at 2.6% YES.

Trump proposes a 20% cargo fee for shipments through the Strait of Hormuz. Normal traffic by August 31 at 15.5% YES.