Trump, Iran and the $150,000 Strait of Hormuz toll

Oil flows will not return to normal until the second half of next year - even if the Strait of Hormuz opens now. That’s the grim prognosis of the UAE’s most senior oil executive. But even if it does open, Iran is implementing a system of tolls that will have long-term implications, both in the Middle East and further afield. International economic editor Hans van Leeuwen tells Roland Oliphant how the ongoing crisis in the Strait of Hormuz is transforming shipping all over the world. Hans also looks at why India’s leader Narendra Modi is in Europe at the moment trying to drum up deals amid fears the Iran war could impact his country’s superpower trajectory. Meanwhile, Donald Trump and Benjamin Netanyahu clash over whether to restart active hostilities, Pakistan’s army chief heads to Tehran to coax the regime towards a peace deal, and Iran says it will not give up its Uranium. Highlights How Iran’s Strait of Hormuz toll could spread worldwide Why the Iran war is throwing India off its superpower trajectory CONTRIBUTORS: Roland Oliphant, co-host and chief foreign affairs analyst @RolandOliphant Hans van Leeuwen, international economics editor @hansvan333 CONTENT REFERENCED: How Trump trampled on Modi’s dream of an Indian superpower https://www.telegraph.co.uk/business/2026/05/20/how-trump-trampled-on-modis-dream-of-an-indian-superpower/ Iran weaponised world trade and others are following suit https://www.telegraph.co.uk/business/2026/05/19/iran-weaponised-world-trade-and-others-are-following-suit/ Producer: Peter Shevlin Executive Producers: Venetia Rainey & Louisa Wells ► Sign up to the Telegraph's free new daily newsletter, From the Editor, bringing you the latest news, features and analysis from the Telegraph newsroom: www.telegraph.co.uk/customer/secure/newsletter/from-the-editor/?WT.mc_id=tmgoff_youtube_telegraphmain ► Get the latest headlines: www.telegraph.co.uk?WT.mc_id=tmgoff_youtube_telegraphmain ► Stay ahead with a Telegraph digital subscription: https://www.telegraph.co.uk/customer/subscription/store?WT.mc_id=tmgoff_youtube_telegraphmain https://www.telegraph.co.uk/ and https://www.youtube.com/telegraph are websites of The Telegraph, the UK's best-selling quality daily newspaper providing news and analysis on UK and world events, business, sport, lifestyle and culture. #StraitOfHormuz #Iran #OilPrices #MiddleEast #GlobalEconomy #ShippingCrisis #India #NarendraModi #DonaldTrump #BenjaminNetanyahu #Pakistan #Tehran #Uranium #EnergyCrisis #Geopolitics #WorldNews #OilMarkets #TradeRoutes #Podcast #NewsPodcast