Trump regime

President Trump on Tuesday walked back a plan he had announced a day earlier to charge a fee on each ship passing through the Strait of Hormuz in return for providing security. But as he backtracked on strategy and ordered a new round of attacks on Iran, Mr. Trump’s path out of the monthslong conflict remained unclear.

Tuesday’s strikes marked a return to the kind of intensive bombing campaign that characterized the start of the war more than four months ago, and came as both Washington and Tehran are seeking to assert control over the strait, a crucial transit route for oil and gas shipments.

Time -   President Donald Trump said the U.S. should control the Strait of Hormuz, a crucial passage through which around a fifth of global oil production typically flows, as renewed hostilities with Iran intensify.

“We are going to keep the Strait. We will probably run it,” Trump told Fox & Friends Monday during a phone interview. “We'll become the guardian of ?the Strait. Maybe we'll call it the ‘guardian angel’ of the Strait.” He added that the U.S. would ideally then be “reimbursed” for their guardianship of the waterway by “other" nations.

Soon after, Trump announced that the U.S. is reinstating its naval blockade against Iran and will charge 20% on all cargo shipped through the Strait to cover "any and all costs necessary to do the job of providing safety and security to this very volatile section of the world." The President's remarks came as oil prices soared by more than 3% Monday morning after the U.S. and Iran traded further strikes over the weekend.

Brent crude, the international benchmark, neared $80 per barrel, a significant rise from the same time last week, when it traded at $71.99.