How Iran could try to control the Strait of Hormuz — and profit from it
Summary
Iran responded to a joint U.S. and Israel attack by threatening or firing on ships in the Strait of Hormuz, a key route for oil shipments. A recent agreement between the U.S. and Iran allows toll-free passage for 60 days, but Iran plans to play a central role in controlling the strait and may charge fees after negotiations end.Key Facts
- The Strait of Hormuz is a crucial waterway through which about 20% of the world’s oil passes.
- Iran threatened or attacked ships in the strait following a U.S. and Israel operation against Iran.
- The disruption caused oil prices to rise globally, including higher fuel prices in the U.S.
- Two weeks ago, the U.S. and Iran signed an agreement for toll-free transit of the strait for 60 days while peace talks continue.
- Iran aims to control the new rules for navigating the strait, which may include charges or fees.
- Other important shipping routes like the Suez and Panama Canals charge fees, but these are man-made and governed by specific treaties, unlike the Strait of Hormuz.
- Turkey charges fees for ships using the Bosporus Strait under a 1936 treaty, but the United Nations law allows free innocent passage through territorial waters, which Iran has not fully accepted.
- Oman, which shares the strait with Iran, says there will be no transit fees but hasn’t ruled out fees for specific services like navigation or environmental protection.
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