Iran and Oman are discussing a framework that would permanently implement a toll system for vessels traveling through the Strait of Hormuz, according to Bloomberg. The waterway, which has operated at a near standstill since the onset of the U.S.-Iran war on February 28, handles roughly 20% of global oil flows.
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“This will entail costs, and it goes without saying that those who wish to benefit from this traffic must also pay their share,” said Mohammad Amin-Nejad, the Iranian ambassador to France, on Wednesday.
Hormuz Closure Lifts Energy Prices as Costs Climb
The closure of Hormuz has been a major consequence of the U.S.-Iran war. Oil and gas prices have rocketed higher alongside disruptions to energy flows and elevated shipping and freight costs. Iran has refused to reopen Hormuz until the U.S. lifts its blockade on Iranian ports.
Costs from a potential toll system would likely be passed on to buyers, adding to transportation costs and keeping pressure on energy prices.