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President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement on all other cargo shipped through the waterway.
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The potential expense of a 20 percent charge to move oil and other goods through the strait has stirred concern among shippers.
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The Strait of Hormuz is a major oil shipping route and the epicenter of the U.S. and Israel's ongoing war with Iran.
Oil extended gains and Asian stocks were set to track Wall Street lower after the standoff between the US and Iran intensified, raising concerns that disruptions to energy supplies could accelerate inflation.
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