President Trump’s mid-October 2026 proposal for a 20% US reimbursement fee on cargo transiting the Strait of Hormuz was quickly rescinded in favor of trade and investment commitments from Gulf states, following renewed naval escorts, blockades targeting Iranian vessels, and fragile ceasefire talks. No verified US collections have occurred, consistent with longstanding US and international positions favoring toll-free passage in the international waterway under norms like those in UNCLOS. Ongoing US-Iran negotiations, coordination with Oman on strait administration, and industry resistance to formal fees continue to shape outcomes, with scheduled diplomatic contacts and security arrangements through year-end serving as key near-term catalysts for any policy shift.