President Donald Trump announced plans to reinstate a US blockade targeting Iranian vessels in the Strait of Hormuz, a key waterway that once carried roughly one-fifth of the world’s oil. He proposed a 20 percent levy on all cargo passing through the strait, arguing that the US should be compensated for safeguarding what he called a “very rich portion of the world.” The announcement came amid renewed US missile strikes on Iran and after Iran itself had attempted to impose its own tolls on ships. The proposal alarmed Australian officials, who warned it could drive up fuel costs for motorists and set a dangerous precedent for other strategic waterways like the South China Sea. Oil prices rose roughly eight percent following the escalation, while Iran’s foreign minister responded by agreeing in principle that security providers deserve compensation, though he called 20 percent excessive. Australia urged de-escalation and a durable peace deal.