Iran live updates: US conducts 3rd consecutive night of strikes on Iran

U.S. armed forces will resume their blockade of the Strait of Hormuz Tuesday, according to U.S. Central Command.

"At the Commander in Chief's direction, U.S. Central Command (CENTCOM) forces will resume blockading maritime traffic entering and exiting Iranian ports on July 14 at 4 p.m. ET," CENTCOM announced Monday afternoon.

"CENTCOM forces will enforce the blockade against vessels transiting to or from Iranian ports and coastal areas," the statement further said, adding that the U.S. military "continues to support traffic flow through regional waters for all vessels not violating the blockade."

President Donald Trump announced earlier Monday that the U.S. would reinstate the naval blockade against Iranian ships and ports and would charge a 20% fee on all cargo shipped through the Strait of Hormuz.

Iran pushed back swiftly against the president's declaration, with IRGC spokesman Ebrahim Zolfaqari saying in part that Iran "will under no circumstances allow the United States to interfere in the management of the Strait of Hormuz" and "will deal forcefully with any disruption to the passage of commercial vessels and oil tankers by the invading and pirate U.S. military."

Iranian Foreign Minister Abbas Araghchi said in response "POTUS is absolutely right. Whoever provides secure and safe passage of commercial vessels through the Strait of Hormuz should be compensated for this service. Iran has always been the GUARDIAN of the Strait and will remain so FOREVER. 20% is of course too much. We will be fair."

Oil prices climbed steadily all day amid the escalating rhetoric and are now spiking more than 9%. U.S. oil is now selling at around $78 a barrel and global oil is at about $83 a barrel.

-ABC News' Steven Beynon, William Gretsky and Zaki Zunaira

Iran will "continue to exercise our sovereignty and management over the Strait of Hormuz," according to a statement Monday from IRGC spokesman Hossein Mohebbi.

"Through its interference in the Strait of Hormuz, the United States has placed the security of global oil and gas supplies at grave risk, and it must bear responsibility for this," the statement said. We will continue to exercise our sovereignty and management over the Strait of Hormuz with full force and resolve, and we will compel foreigners and their allies to submit to the will of the Iranian people."

The statement came after President Donald Trump said on Monday that the U.S. would reinstate the naval blockade against Iranian ships and ports and would charge a 20% fee on all cargo shipped through the Strait of Hormuz, to cover “any and all costs necessary to do the job of providing safety and security to this very volatile section of the World.”

-ABC News' William Gretsky

President Donald Trump said on Monday that the U.S. would reinstate the naval blockade against Iranian ships and ports and would charge a 20% fee on all cargo shipped through the Strait of Hormuz.

“We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving,” Trump wrote on social media.

The president told Fox News earlier that the U.S. would take control of the Strait of Hormuz and get paid for protecting it, adding in his social media post that the U.S. would be the "guardian" of the strait and charge a 20% toll on cargo sent through the waterway.

Trump said that the fee would cover “any and all costs necessary to do the job of providing safety and security to this very volatile section of the World.”

-ABC News’ Emily Chang, Victoria Beaule and Nicholas Kerr

President Donald Trump asserted Monday that the U.S. is "taking over" the Strait of Hormuz, asserting that he planned to run and protect the critical waterway and get paid for doing so.

"Well, we're taking over the Strait. They have nothing. They've got nothing," Trump said in a live phone interview with "Fox and Friends" following the latest exchange of strikes between the U.S. and Iran.

"We're going to keep the Strait and we'll probably run it. We'll become the guardian of the Strait. Maybe we'll call it the guardian angel of the Strait, and we should be reimbursed for that," Trump added.

The president did not say how the U.S. would be paid, though he's previously floated charging a toll on vessels transiting the strategic waterway.

Trump said the U.S. attacked Iran on Sunday night which he claimed was retribution for Iran reneging on its commitments under the memorandum of understanding signed by the combatants last month.

"We hit them very hard last night. Every time they send a drone, we hit them very hard. But we had a deal. But nobody knows we had a deal. It was a done deal. And then they broke it," the president said.

The president also claimed that there was an 11-hour meeting with Iranian representatives on Sunday and that Iran had agreed to "everything" before later proposing "changes." The president did not specify what changes Iran had proposed. Iranian representatives held talks in Oman on Saturday without U.S. diplomats present.

The White House did not immediately respond to a request for comment about the meeting.

-ABC News' Nicholas Kerr