Crude oil futures (CL) climbed past $100 per barrel on Monday for the first time since the start of the U.S.-Iran war on February 28 as the Strait of Hormuz remains at a near standstill. In addition, the Majlis, Iran’s parliament, is working on a bill to charge vessels passing through the passageway.
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Trade QQQ with leverage“Security and services for ships will be ensured through fees [for passage through the strait] stipulated by the bill,” said Alaeddin Boroujerdi, a member of the Majlis’ Committee for Foreign Policy and National Security.
U.S. Opposes Hormuz Toll as Passage Remains Closed
White House Press Secretary Karoline Leavitt said the U.S. opposes the toll as the war enters its fifth week. Earlier today, President Trump warned that the U.S. would destroy key Iranian energy infrastructure if the strait remains closed and if Iran refuses to sign a deal.
The passageway is responsible for roughly 20% of global oil flows, while its closure has created an oil supply crunch, sending prices higher.