Washington, June 24 -- US President Donald Trump has moved to stabilise global energy markets, announcing that Iran has provided formal assurances that it will not impose transit charges on vessels navigating the vital Strait of Hormuz.

The Strait of Hormuz, a global maritime chokepoint that facilitates nearly 20% of the world's seaborne oil trade, has been a source of volatility following reports of potential Iranian regulation of traffic. Seeking to calm industry fears, President Trump took to Truth Social to relay the commitment from Tehran.

"Iran has informed us that there will be 'NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND' on commercial shipping," the President stated. He underscored the gravity of the pledge wit...