Oil futures added to yesterday’s gains but settled off the day’s highs after President Trump withdrew a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz.

US President Donald Trump backed away Tuesday from his proposal to charge a 20% fee on cargo passing through the Strait of Hormuz, saying he instead favored Gulf leaders investing in the United States and arguing that no country should collect fees for passage through the waterway.

The Indian billionaire’s meeting with the president's son reportedly took place in Ahmedabad, India, late last year, while the DOJ charges against him were still pending.

President Donald Trump stepped ​back from proposing a 20% fee to guard the Strait of Hormuz as part of the conflict with Iran, saying ‌he would seek investment deals with Gulf states.