US President Donald Trump says the United States will be paid for protecting the Strait of Hormuz, as tensions with Iran continue to escalate and threaten the major global oil-shipping route.
In an interview with Fox News on Monday, Trump said the US would “keep the strait” and would likely “run it,” adding that Washington should be reimbursed for providing security.
“We’re going to get paid for guarding it,” Trump said, arguing that the US had protected the waterway for years without compensation.
Trump described the United States as a potential “guardian” of the strait and said the country could receive “a lot of money” for the role.
The comments came amid renewed exchanges of fire between the US and Iran, which have pushed prospects for a peace agreement further away.
Oil prices rose while global stock markets declined following the latest developments.
The Strait of Hormuz, located between Iran and Oman, is a critical maritime passage that previously handled about 20 percent of global oil trade before traffic was disrupted by the conflict.
Iran has previously indicated plans to impose tolls or fees on ships using the waterway, a move rejected by the United States.
A ceasefire agreement signed by both countries in June had prohibited Tehran from charging commercial vessels passing through the strait.
However, Trump last week declared the ceasefire was no longer in effect after continued attacks in the region.
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