EPISODE · Jul 14, 2026 · 2 MIN
UBS On-Air: Paul Donovan Daily Audio 'Free or fee'
US President Trump had declared the Strait of Hormuz open for free. Now Trump has declared it open for a 20% fee. Shipping data suggests there was less-than-universal belief in free safe passage through Hormuz on Monday. It is unlikely ships will go full steam ahead to take the same risks while paying a high tax. A 20% fee would be about 15 times the mooted Iranian charge, and (as a proportionate tax) would exaggerate future oil price moves.
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UBS On-Air: Paul Donovan Daily Audio 'Free or fee'
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