US policy on Strait of Hormuz transit fees remains shaped by repeated presidential announcements, rapid reversals, and firm legal objections under international maritime law. President Trump proposed a 20% cargo reimbursement fee in mid-July 2026 while reinstating an Iran-specific naval blockade, then quickly pivoted to Gulf state investment commitments instead. As of mid-September 2026, fresh announcements revived fee language amid renewed tensions, yet no verified collections have occurred. Traders assign low probability to US implementation by year-end due to diplomatic alternatives, industry resistance, and procedural hurdles that would need to be cleared before any payments could be enforced. Ongoing mediation talks, shipping protection operations, and adherence to freedom-of-navigation norms continue to define the outlook through the December 31 resolution window.