US imposes 20% Strait of Hormuz fee, blockades Iran ports as Iran strikes Gulf allies' US bases

The US launched a third consecutive night of strikes on Iran targeting Bushehr and Bandar Abbas after Trump announced a 20% fee on all cargo transiting the Strait of Hormuz and a blockade of Iranian ports starting Tuesday at 2000 GMT. Iran retaliated with missile and drone strikes on Bahrain (targeting a US forces residential building), Jordan, Kuwait and Oman, killing one crew member on a struck vessel according to UAE reports.

This escalation follows Iranian attacks on merchant vessels in February that triggered the initial US blockade, with tensions persisting despite a June ceasefire attempt. Oil prices jumped over 9% Monday and rose another 1% Tuesday as markets fear prolonged Gulf disruption. Trump also threatened to destroy Iran's suspected underground nuclear site at 'Pickaxe Mountain' near Natanz, while Iran insists it only targets US interests but views Gulf state cooperation with America as 'an act of war'.

Iran's foreign minister mocked Trump's 'Guardian of the Hormuz Strait' claim, arguing tolls should be lower if imposed, while noting Washington opposes Tehran's toll demands as illegal under international law. Despite the violence, both sides claim openness to talks, with Iran citing ongoing Qatar-, Pakistan-, and Oman-mediated discussions.

With shipping costs set to rise immediately and regional allies facing direct attacks, will you absorb higher prices for imported goods, seek local alternatives, or demand government subsidies to offset the 20% Strait fees?

SOURCE: https://www.channelstv.com/2026/07/14/us-strikes-iran-for-third-day-will-reimpose-blockade/