The 20% protection fee that President Donald Trump proposed for Strait of Hormuz shipping traffic sent oil prices higher on Tuesday. Trump then abandoned the proposal. Prices pulled back from their session peaks after the reversal.
The proposal
Trump announced plans to levy a 20% protection fee on ships transiting the Strait of Hormuz. The 20% rate was the only figure attached to the announcement. Trump reversed course the same day.
Price action
Oil prices rose after Trump's announcement, then gave back ground when he dropped the fee. Tuesday's session left prices off their intraday highs.
Note to editor: The source supplies one disclosed figure (20%), no price levels, no barrel prices, no volume data, and no timeline. Per house rules, I have not supplemented with market data not present in the source. The piece is shorter than 350 words because the source does not support that length without invention.