Trump scraps the strait toll plan; the US resumes the blockade of Iranian ports and expands military operations.

U.S. President Donald Trump announced the abandonment of his earlier proposal to impose a 20% toll on cargo transiting the Strait of Hormuz, just roughly 24 hours after the plan was unveiled. Trump said he has decided to replace the toll scheme with trade and investment agreements between Gulf nations and the U.S., noting he has held discussions with Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and other countries, which prefer to increase their investment in the U.S. rather than accept the strait toll. U.S. Energy Secretary Wright later confirmed that the 20% toll is "no longer under discussion" and no toll will be imposed on the Strait of Hormuz. Meanwhile, the U.S. announced the resumption of shipping blockades on Iranian ports and coastal areas, which officially took effect on Tuesday afternoon local time. U.S. Central Command stated that the U.S. military has launched a new round of strikes against Iran to weaken its capability to attack commercial vessels transiting the Strait of Hormuz. Trump added that military operations against Iran will continue, and threatened that if Iran refuses to return to the negotiating table, the U.S. will strike Iranian infrastructure such as power plants and bridges next week, with energy facilities designated as a "final target".