US ships are preparing to block Iran's ports as both sides continue to trade strikes.
Donald Trump's abandoned his earlier threat of a 20% fee on cargo passing through the Strait of Hormuz, saying it will be replaced by trade deals with Gulf states.
The global oil price benchmark Brent Crude is hovering around US$85 – one of its highest points in a month.
US Correspondent Richard Arnold told Mike Hosking that only ten ships went through the Strait yesterday – the lowest level in over a month.
He says that before the way, the number would be around 130 ships a day.
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