US President Donald Trump stepped back from a proposal to charge a 20% fee to guard the Strait of Hormuz as part of the conflict with Iran, saying on Tuesday he would instead seek investment deals with Gulf states.

US forces had carried out waves of attacks for the third night in a row after Tehran said it had ⁠closed the strait, prompting Trump on Monday to reinstate a blockade of Iranian shipping and propose the fee.

But just a little under five hours........

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