Trump's startling U-turn: imposes 20% Hormuz toll, then scraps it as oil surges

Even for Donald Trump, the speed of the U-turn was startling. As his forces carried out a third night of attacks on Iranian targets, the US president declared that he would impose a 20 per cent toll on cargo passing through the Strait of Hormuz. He made the declaration after the Iranian military had targeted tankers in the strait, killing a crew member and injuring other sailors. Then, after oil prices began to surge again, he scrapped his 20 per cent plan. The strikes came amid an Iranian missile taunt: one rocket was plastered with a sticker carrying a Biblical message aimed squarely at Trump. The U-turn lays bare the fragility of Trump's strategy — a cycle of escalation and retreat that leaves allies and adversaries guessing what comes next.