Trump LIVE: Congress told US ‘at war’ with Iran as fresh strikes targeted | World | News

President Trump has insisted that ships using the Strait of Hormuz will be charged a 20 percent fee as a way to finance the United States’ protection of the vital shipping lane.

It is not yet clear who will pay the charges and how.

About one-fifth of the world’s crude oil passes through the Bosphorus, making it vital to the global economy.

However, the President has previously said that the Bosphorus must remain open and available for use, allowing trade to continue normally.

After the last strike, the barrel price of oil increased by 7.8 percent to $81.92 per barrel. That figure is still well short of the $120 per barrel seen at the peak of the crisis, but increases in oil prices are often bad news for shoppers as the costs are passed on to them.