Trump says the US will impose fees for passage through the Strait of Hormuz if Washington and Tehran fail to reach a final agreement, following Iran's declaration to close the strait.
The number of commercial vessels passing through the Strait of Hormuz has significantly increased immediately after the waterway reopened following an agreement between the United States and Iran.
Despite a recent US-Iran agreement, experts warn that high oil and gas prices and supply tensions will take months to normalize, as restoring energy flows to pre-conflict levels is a complex process.
Trump and experts state over 100 million barrels of crude oil successfully navigated the Strait of Hormuz, but it is still insufficient to ease shortages.
Tehran announced the closure of the Strait of Hormuz and vowed to target any vessels attempting to pass through the area, following a series of US strikes on targets in Iran.
The United States launched airstrikes against Iranian military targets near the Strait of Hormuz, in a "powerful retaliation" for the downing of an Apache helicopter in Hormuz.
The U.S. announced it shot down two Iranian unmanned aerial vehicles "threatening maritime traffic" in the Strait of Hormuz, without providing details.
Iran's Revolutionary Guard Corps announced missile launches targeting US military facilities in Kuwait and Bahrain, in retaliation for earlier Washington attacks near the Strait of Hormuz.
The US military announced airstrikes on Iranian radar stations, calling the action "self-defense" after Tehran launched four unmanned aerial vehicles (UAVs) towards the Strait of Hormuz.
