President Donald Trump announced that the United States will use frozen Iranian assets controlled by Washington to compensate shipping companies for damages sustained in the Strait of Hormuz. The Strait of Hormuz handles approximately one-fifth of the world’s daily oil supply. On March 1, 2026, Iranian forces declared the strait closed, sending shockwaves through global shipping and energy markets. The US responded on July 15 by reinstating a naval blockade of Iranian ports. This decision follows the abandonment in early July of a proposed 20 percent fee on all cargo passing through the strait.
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