President Donald Trump says the United States is reinstating its blockade of Iranian shipping and will keep the Strait of Hormuz open — for a fee. “We’re going to be reimbursed, because the other nations are very wealthy… we can’t be expected to do that for nothing,” he said. For Singapore, the strait is a commercial jugular, and any toll would ripple through shipping, insurance, and pump prices.

2. US and Iran trade fresh...