Secretary of State Marco Rubio warned Asian leaders Wednesday that if Iran extracts tolls from ships passing through the Strait of Hormuz, it will damage the global economy and establish a dangerous precedent other nations could copy. This reflects the ongoing U.S.-Iran conflict that began in late February 2026 — the U.S. has been striking Iranian targets repeatedly, and Iran has threatened control over one of the world's most critical shipping chokepoints. What's not in this post: Trump administration officials are simultaneously threatening strikes on Iranian infrastructure if Iran attacks shipping, creating a tense standoff with no clear off-ramp and major implications for global oil markets and trade.