President Trump has issued a sharp warning to Iran over reports that Tehran is charging tolls/fees on oil tankers transiting the Strait of Hormuz — the narrow chokepoint carrying about 20% of global seaborne oil and significant LNG.

Trump posted on Truth Social: “There are reports that Iran is charging fees to tankers going through the Hormuz Strait — They better not be and, if they are, they better stop now!” He also accused Iran of doing a “very poor job, dishonorable some would say,” of allowing oil to flow freely, despite a fragile recent ceasefire that was supposed to reopen the waterway.

The strait has been heavily disrupted since the recent US-Iran conflict escalated. Traffic remains largely constrained even after the ceasefire. Iran has reportedly demanded tolls (up to $1–2+ million per ship in some accounts, possibly in crypto or yuan), which the US views as a violation of the ceasefire terms and a threat to freedom of navigation. Trump has floated ideas like a US-Iran “joint venture” on security/tolls in the past, but he’s now drawing a hard line against unilateral Iranian fees.

This matters because any sustained disruption or added costs here ripple globally: higher insurance, rerouting, and crude prices that hit importers hardest.

Compounding the pressure, Japan — which imports over 90% of its oil from the Middle East — is tapping its strategic reserves again. Prime Minister Sanae Takaichi announced plans for an additional ~20 days’ worth of oil release starting as early as May. This follows an earlier massive drawdown (around 45–50+ days equivalent, including ~80 million barrels) that began in March amid the initial disruptions.

Japan has coordinated some of this with the IEA, but the moves signal real concern that Hormuz flows won’t normalize quickly. Refiners are already cutting runs; gasoline and energy prices in Japan (and elsewhere) have spiked.

This is classic energy geopolitics: the world’s most critical oil artery is still not fully open post-conflict, Iran is testing leverage with fees, and Trump is using his trademark blunt style to push back while keeping options open. Japan’s repeated SPR releases act as a short-term buffer but highlight vulnerability — strategic reserves aren’t infinite, and prolonged tightness could keep global oil prices elevated.

The ceasefire looks shaky, with talks ongoing this weekend. Free, unimpeded passage through Hormuz has been a long-standing international norm; turning it into a toll booth sets a dangerous precedent that could encourage other chokepoint nations. Markets are watching closely — any escalation or further delays will feed the current energy crunch.

Trump’s warning is direct: keep the strait open and toll-free, or face consequences. Whether it leads to de-escalation or more friction will shape oil markets (and inflation) in the coming weeks.

Markets are watching every word. If Iran backs off the fees and traffic resumes, relief could come fast. If not, expect more volatility — and more headlines like this.

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Trump warns Iran on Hormuz tolls as energy crunch prompts Japan to release more oil

From The BOE Report

By Reuters

U.S. President Donald Trump warned Tehran not to charge tolls on ships crossing the Strait of Hormuz, as a mounting global energy crisis prompted Japan on Friday to announce a further emergency oil release.

The Iran war has damaged Gulf energy production, stranded tanker traffic, and boosted oil prices by about 50% in the world’s worst energy shock, with Asian buyers among the hardest hit.

“There are reports that Iran is charging fees to tankers going through the Hormuz Strait,” Trump wrote in a post on Truth Social. “They better not be and, if they are, they better stop now.”

“That is not the agreement we have!,” Trump said.

Opening the strait at the southern tip of the Gulf to free hundreds of stranded tankers and other vessels was a condition of the two-week ceasefire announced on April 7 after weeks of attacks that have damaged energy infrastructure across the Gulf.

A spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, Hamid Hosseini, had told the Financial Times newspaper that Iran would demand tolls in cryptocurrency during the ceasefire.

IRAN LAYS OUT NEW ROUTE

On Thursday, Iran’s Islamic Revolutionary Guard Corps also set forth a special route for vessels to follow, warning them to sail through Iranian waters around Larak Island to avoid the risk of naval mines in the usual lanes through the strait, Iran’s semi-official Tasnim news agency reported.

The conflict has had a global impact well beyond Gulf economies and tourism, with inflationary energy price rises and damage to supply of liquefied natural gas and aluminium, cooking gas for India, helium for Asia’s chipmakers, diesel for farmers, and jet fuel for airlines.

JAPAN PLANS EMERGENCY RELEASE

Japan plans to release an additional 20 days’ worth of oil reserves from May, Prime Minister Sanae Takaichi told a cabinet meeting on Friday.

Japan is dependent on the Gulf for some 95% of its oil. Takaichi said by May the country should be able to secure more than half of its imports via routes that bypass the Strait of Hormuz, without providing details.

With the Gulf effectively shut, Saudi Arabia is managing to export via the Red Sea port of Yanbu. Japan in May is also set to receive four times the U.S. crude it did a year earlier, a trade and economy ministry document showed on Friday.

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Saudi overnight updated its production status, with state news agency SPA reporting that Iranian attacks had cut oil production capacity by around 600,000 barrels per day and flows on its East-West Pipeline to Yanbu by about 700,000 bpd.

Top exporter Saudi Aramco has asked its clients to submit nominations for May cargoes loading from Yanbu and Ras Tanura, two sources said, with Ras Tanura loadings dependent on the strait reopening.

Kuwait Petroleum Corp has provided April loading dates on free-on-board basis, two sources said, but these also depend on strait sailings resuming.

Last month, KPC declared force majeure on deliveries in light of the Gulf being closed.

IRANIAN CRUDE AT PREMIUM TO BRENT

Iran’s crude exports remain largely unfettered, with Chinese independent “teapot” refiners, its biggest buyers, paying premiums to Brent for the first time in years.

Iranian oil typically trades at a discount because of sanctions, yet at least two refiners in Dongying, Shandong province, purchased Iranian Light at premiums of $1.50 to $2 a barrel to ICE Brent this week, trade sources said. That compared with a $10 per barrel discount before the conflict.

One source said he believed it was the first time since 2022 that teapots had bought Iranian oil at a premium to Brent.

Brent crude futures were up 1% at just below $97 per barrel as of 1010 GMT, while U.S. West Texas Intermediate was up 0.7% at about $98.50.

(Reporting by Kanishka Singh in Washington; Jonathan Saul and Ahmad Ghaddar in London; Katya Golubkova and Yuka Obayashi, Kaori Kaneko and Yoshifumi Takemoto in Tokyo; Florence Tan, Siyi Liu and Trixie Yap in Singapore; writing by Jason Neely; editing by Jan Harvey)

Saudi Aramco