U.S. President Donald Trump has reversed his announcement on imposing fees on ships transiting the Strait of Hormuz

Dwindling hopes of a Mideast peace deal and a tech sell-off sent U.S. benchmark indexes lower overnight, while Asia markets traded lower Tuesday.

Oil markets reel as President Trump revives his naval blockade in the Strait of Hormuz and demands a 20% toll charge.

President Donald Trump on Tuesday reversed course on his earlier proposal for the US to levy a 20% fee on all cargo flowing through the Strait of Hormuz

The president abandoned plans to charge fees for policing the Strait of Hormuz in lieu of inking new trade deals with Gulf states.