Oil surges past $80 on Trump threat to impose 20% Hormuz fee

Oil prices have jumped above $80 per barrel following President Trump's announcement of a new 20% fee on the Strait of Hormuz to cover the costs of U.S. security measures. This strategic move aims to ensure safe passage through one of the world's most vital shipping lanes, which sees over 20% of the world's oil transiting. This development underscores the geopolitical tensions in the region and raises concerns about potential disruptions to global oil supply, impacting economies worldwide. The situation highlights the delicate balance between national security and global economic stability.