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[The Strait of Hormuz Transit Fee Plan Resurfaces, Geopolitical Premium May Re-anchor Energy Transportation Costs] ⑴ According to US media reports, White House officials confirmed that Trump is "very serious" about his plan to impose a 20% transit fee on goods passing through the Strait of Hormuz, and that the idea has been brewing for months. As early as April, Trump questioned why it wasn't being implemented and set a June deadline for its launch. Despite continued opposition within his inner circle, the president has recently revived this instinctive decision. ⑵ This plan is closely related to the current US-led maritime blockade of Iran, but the specific charging mechanism and whether consultations have been held with Gulf states remain unknown. White House officials admitted that details are still being finalized. Given Trump's previous tough stances on major trade and security issues without consistent implementation, there is considerable uncertainty regarding whether this plan will be implemented. (3) From a market psychology perspective, if this news triggers substantial concerns, it will directly increase the transportation premium for crude oil, liquefied natural gas, and commodities passing through the Strait of Hormuz. Combined with the current situation where rubber, shipping, and other commodities are already supported by geopolitical risks, risk appetite may further shift towards assets benefiting from supply chain disruptions. (4) Two points need to be noted in terms of trading logic: first, the inconsistency in Trump's past policies may lead to fluctuations in expectations; second, if Gulf countries are not informed in advance, diplomatic obstacles at the implementation level may weaken the immediate impact of the news. It is necessary to closely monitor the progress of US-Iran negotiations and whether the White House issues a formal executive order.