"Iran's strategy to charge a fee of up to $2 million on each vessel transiting through the Strait of Hormuz has raised significant concerns about potential long-term impacts on global oil prices and the economy."
"The requirement for tankers to disclose cargo details and pay a toll before passing through the strait, along with military escort by the IRGC, represents a significant shift in maritime operations in the region."
Peace talks between the US and Iran have resumed, focusing on the Strait of Hormuz and Iran's nuclear program. Iran's plan includes charging $2 million per tanker for passage, raising concerns about long-term oil price increases. The proposal suggests that safe passage would require Iranian military oversight, which has faced condemnation. Tankers must provide cargo details and pay a toll, with the Islamic Revolutionary Guard Corps escorting them. This approach contradicts the UN convention on the law of the sea, which guarantees unimpeded passage.
Read at www.theguardian.com
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