US-Iran war LIVE: Tehran introduces bill to manage Strait of Hormuz security; explosions heard in Bahrain
The US and Iran are engaged in escalating military strikes across the Middle East, with the US targeting Iranian military sites and Iran retaliating against US facilities in Kuwait and Bahrain. President Trump has shifted his economic strategy, replacing a proposed transit fee on the Strait of Hormuz with plans for massive direct investments from Gulf states.
Why it matters
The direct military conflict between the US and Iran threatens global oil supply chains and regional stability in the Middle East.
Iran war news LIVE: US President Donald Trump has now backed away from his plan to impose a 20% charge on cargo shipments passing through the contentious Strait of Hormuz. Trump said that the revenue expected would be replaced by forthcoming direct investments in the US from Gulf states. “I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States,” Trump wrote in a post on social media.
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