Donald Trump has reimposed the Iranian blockade of ships through the Strait of Hormuz and has vowed he will be "the guardian of the Hormuz Strait" in a new social media post.
The US President has also claimed that any ships that pass through the Strait will have to pay the US a percentage of the price of the cargo shipped.
On his Truth Social platform, he said: "The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran.
"We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving. All other countries will have fair and open use of the Strait.
"The USA will be, from this point forward, known as 'THE GUARDIAN OF THE HORMUZ STRAIT,' but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20 per cent on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World.
"The process and formation will begin immediately. Thank you for your attention to this matter! President DONALD J. TRUMP."
His newly imposed rules come after the US President revealed that there are contingency plans in place should he be assassinated by Iran.
Israel first revealed the intelligence that Mr Trump's life may be at threat, however later he confirmed to reporters that the threat was not as immediate as first feared.
"Israel came up with nothing," he said. "I've been on their list for a long time. That’s what we're dealing with."
Donald Trump has reimposes Iran blockade through the Strait of Hormuz
|GETTY
The President said he instructed US officials to bomb Iran at "levels they've never seen before" if there is a successful attempt on his life.
He told The New York Times: "I've left instructions - if anything happens, to just literally bomb them at levels that they've never seen before.
Details of the plot were not immediately clear, and two sources familiar with the matter said the US had not yet vetted it, according to US outlet CNN.
It was thought the report had been used as a tactic to sway Mr Trump following his end to the ceasefire last week.
LATEST DEVELOPMENTS:
Donald Trump downplayed reports of the assassination threat, saying 'Israel came up with nothing' | GETTYHe wrote on Truth Social over the weekend: "1,000 Missiles are locked and loaded and aimed at the Islamic Republic of Iran, with thousands of more to immediately follow, should the Iranian Government act on its threat, pronounced in many corners of the globe, to assassinate, or attempt to assassinate, the sitting President of the United States of America, in this case, ME!
"Orders have already been given, and the US Military is ready, willing, and able, for a one-year period of time, subject to extension, to completely decimate and destroy all areas of Iran - PRAISE BE TO ALLAH!"
US Central Command (Centcom) released a statement announcing a third round of strikes against Iran at 12.39am Sunday morning.
On Saturday, Iran said the strait was closed "until further notice" after a commercial vessel "jeopardised maritime security" by traversing the waterway through an unapproved route.
The Islamic Revolutionary Guard Corps said it struck the ship which took the "unauthorised route" after it disregarded warnings to correct course.
Centcom identified the vessel as the M/V GFS Galaxy, a Cyprus-flagged container ship.
"A civilian crew member is missing and the vessel is unable to continue the journey due to an onboard fire and significant engine room damage," the US military command said on social media.
US Secretary of War Pete Hegseth said: "Iran made a poor choice. Now they pay."
The US said Tehran had failed to "demonstrate adherence" to the 14-point memorandum of understanding (MOU).