Iran Reportedly Mulls Transit Fees In Strait Of Hormuz, Targeting A Fifth Of Global Energy Flow As Crude Oil Surges

Iran is reportedly considering charging a toll for ships transiting through the Strait of Hormuz in a bid to monetize the crucial waterway.

According to a Reuters report, an Iranian lawmaker stated that the country’s parliament was considering charging tolls and taxes to countries using the Strait of Hormuz for shipping, energy ‌transit ⁠and food supplies. Nearly a fifth of the global crude oil supply flows through the strait.

This comes amid a continued rise in crude oil prices. U.S. West Texas Intermediate (WTI) crude futures maturing in May were up more than 3%, hovering around $98 a barrel at the time of writing. Brent crude futures expiring in May surged about 7% to hover around $116 a barrel, after inching close to the 52-week high of $119.5 per barrel.

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