Iran plans fees for Strait of Hormuz transit
Iran sees this idea as tariff collection (photo: Getty Images)
Iran's parliament has nearly finalized a bill that would introduce fees for providing security to vessels passing through the Strait of Hormuz, Bloomberg reports, citing semi-official Fars news agency.
According to an unnamed lawmaker, the plan to charge fees will finally be approved next week.
"Parliament is pursuing a plan to formally codify Iran's sovereignty, control, and oversight over the Strait of Hormuz, while also creating a source of revenue through the collection of fees," the lawmaker was quoted by Fars news agency.
The decision to officially introduce transit fees through the strategically vital Strait of Hormuz is being made as the war in the Middle East approaches the end of its fourth week.
Currently, this route, through which one-fifth of global oil supplies normally pass, is almost completely closed. Now, only a small number of tankers pass through it, mainly linked to China and Iran.
Disruptions in the Strait of Hormuz have led to forced shutdowns of oil production in the Persian Gulf, as well as damage to oil refineries in the area as a result of the war.
As a result, oil prices have risen sharply. This week, global benchmark crude exceeded $114 per barrel.
Strait of Hormuz and oil prices
By the way, a few days ago, Bloomberg also reported that Iranian authorities had already begun charging some vessels for safe passage through the Strait of Hormuz. Sources said the amount could reach up to $2 million per voyage.
According to Bloomberg, the administration of US President Donald Trump has begun to study what a potential surge in oil prices to $200 would mean for the US economy and beyond.
