US launches new strikes on Iran over shipping routes threat
Skip next section Trump says Iran will pay for damage to shipping 07/24/2026 July 24, 2026 Trump says Iran will pay for damage to shipping
Skip next section Trump says Iran will pay for damage to shipping 07/24/2026 July 24, 2026 Trump says Iran will pay for damage to shipping Ships in the Strait of Hormuz have been at risk [FILE: July 16, 2026] Image: REUTERS US President Donald Trump said Iran would be held responsible for the financial cost of any damage to ships or cargo amid the dispute over the Strait of Hormuz.
He said he would use seized Iranian assets to pay for any damage to shipping. "From this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will be paid for by Iranian Money that the United States has in its possession, and controls," Trump wrote on his Truth Social platform.
"These damages may be very substantial but, nevertheless, this is the fair and equitable thing to do," Trump added. Trump's statement comes after Iran-backed Houthis said they attacked two Saudi Arabian oil tankers in the Red Sea. In response, Iran warned that Trump's threat to use seized Iranian assets would set a dangerous precedent.
"Seizing another nation's assets to pay for unrelated future claims is an incendiary precedent," Iranian Foreign Minister Abbas Araghchi posted on X.
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