President Donald Trump initially proposed a 20 percent fee on all cargo vessels crossing the Strait of Hormuz as reimbursement for U.S. protection, but a day later he announced he had scrapped that plan in favor of trade and investment agreements with Gulf nations. The shift came after U.S. military strikes targeted Iranian coastal defenses, following Iranian attacks on commercial shipping. Trump maintained a blockade solely on ships linked to Iran, while declaring the waterway open to other traffic. The earlier fee proposal had contributed to a four percent rise in oil prices, and Goldman Sachs warned of potential further disruption to Gulf exports.