# UBS On-Air: Paul Donovan Daily Audio 'Free or fee'

Page: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-free-or-fee
Text version: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-free-or-fee.md
Podcast: [UBS On-Air: Market Moves](https://stenobird.com/podcast/ubs-on-air-market-moves-2992243)
Published: 2026-07-14T06:39:22+00:00
Episode link: https://www.ubs.com/content/dam/podcasts/wma/260714-free-or-fee.mp3
Audio file: https://www.ubs.com/content/dam/podcasts/wma/260714-free-or-fee.mp3
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JSON: https://stenobird.com/v1/public/podcasts/ubs-on-air-market-moves-2992243/episodes/ubs-on-air-paul-donovan-daily-audio-free-or-fee
Duration seconds: 167

## Resource

US President Trump had declared the Strait of Hormuz open for free. Now Trump has declared it open for a 20% fee. Shipping data suggests there was less-than-universal belief in free safe passage through Hormuz on Monday. It is unlikely ships will go full steam ahead to take the same risks while paying a high tax. A 20% fee would be about 15 times the mooted Iranian charge, and (as a proportionate tax) would exaggerate future oil price moves.

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## Transcript

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