President Trump has insisted vessels using the Strait of Hormuz will be charged a 20 per cent fee for doing so, as a way to fund the US’ protection of the vital shipping lane.
It remains unclear who will actually pay the charges, and how.
Around one-fifth of the world’s crude oil travels through the Strait, making it vital for the global economy.
However, the President previously said the Strait should remain open and free to use, allowing trade to continue as normal.
The price of a barrel of oil rose rose by 7.8 per cent, to $81.92 a barrel, following the latest strikes. This is still well off the $120 per barrel seen at the height of the crisis, but a rise in oil prices is typically bad news for shoppers as the costs are passed on to them.