Oil markets react as Trump shelves Strait of Hormuz fee plan
NEW YORK: Oil prices pared earlier gains Tuesday after President Donald Trump withdrew a proposal to charge commercial vessels a 20% protection fee for transiting the Strait of Hormuz, opting instead to pursue trade and investment agreements with Gulf nations. US benchmark West Texas Intermediate (WTI) crude rose 1.82% to $79.56 per barrel, while Brent…