As the world waits for the Strait of Hormuz to reopen, Iran and Oman are preparing a protocol to “monitor transit” through the strait, CNBC reported Thursday, citing IRNA.
Kazem Gharibabadi, Iran’s deputy foreign minister for legal and international affairs, said the transportation of tankers through the key oil shipping route must be supervised and coordinated. He reportedly added: “Of course, these requirements will not be a restriction, but rather to facilitate and ensure safe passage and provide better services to ships plying this route.
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Iran is preparing a law to introduce tolls for transit to Hormuz
The development comes days after reports suggested Tehran was working on a bill that would impose a fee on vessels seeking safe passage through the Strait of Hormuz. The semi-official Fars news agency, citing an unnamed lawmaker, said the plan would be finalized next week. However, Tehran has not yet issued any confirmation.
Another Iranian lawmaker also claimed that the Islamic Republic plans to impose a two-million fee to allow safe passage for ships from the Strait of Hormuz. However, the Iranian embassy in India issued a clarification saying the reports were baseless.
The Strait of Hormuz has closed
The development comes as the US-Israel war in Iran enters its second month. With that, the Strait of Hormuz, an arterial waterway, was also closed for a similar period. Days after the war broke out in late February, Iran’s Islamic Revolutionary Guard Corps (IRGC) announced the closure of the strait, which is responsible for transporting nearly one-fifth of the world’s oil.
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Tehran’s decision to use this powerful weapon to close the strait has caused panic in countries around the world, with some even declaring a national state of emergency. The move rattled global energy markets and spooked traders. In March, oil prices jumped to $120 a barrel before retreating.
The move also prompted the International Energy Agency (IEA) to step in and release 400 million barrels of oil from its emergency stockpile to allay concerns.
Trump seeks to reopen Hormuz
US President Donald Trump, who delivered a prime-time speech on Thursday, has consistently pushed for the reopening of the Strait of Hormuz using a variety of tactics. However, from threatening to destroy Tehran’s power plants to keeping it as one of the main demands of the ceasefire, the Islamic Republic does not appear to be backing down from its decision.
He even sought help from allies in Europe and Asia to reopen the Strait of Hormuz; however, the American president did not achieve much success with this, this step did not suit him. After countries in Europe denied helping Trump by getting directly involved in the war, he criticized European leaders and argued that the US did not need support.
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More than 40 countries are negotiating to reopen the strait
Earlier today, Britain said some 40 countries were discussing joint action to reopen the Strait of Hormuz and prevent Iran from holding the world economy “hostage”, Reuters reported. The development comes after Trump said that securing the narrow but vital waterway must be handled by others.
In his speech to the US, Trump insisted that the country is not affected by the closure of the strait because it imports relatively little oil through the strait. He said, “We didn’t need it and we don’t need it,” shifting the focus to other countries to reopen the waterway.
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British Foreign Secretary Yvette Cooper noted that Tehran’s “recklessness” in blocking the waterway “hit homes and businesses in every corner of the world” as she chaired a virtual meeting that included France, Germany, Canada, the United Arab Emirates and India.
