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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