An Iranian flag flutters in the wind as ships were anchored on May 16, 2026, in the Strait of Hormuz near Larak Island, Iran. | Majid Saeedi/Getty
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Welcome to The Logoff: President Donald Trump followed days of intense US strikes on Iran by declaring the US is taking charge of the Strait of Hormuz — and demanding payments of 20 percent of the value of all cargo shipped through it.
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