Iran Says It Will Impose Service Fees on Ships Using Strait of Hormuz

Iran said it plans to impose service fees on vessels using the Strait of Hormuz.

Fars News reported on June 13 that an Iranian Foreign Ministry spokesman said Iran would charge for services provided in the Strait of Hormuz.

The comments came amid growing speculation that the US and Iran are nearing an agreement.

Iranian Foreign Minister Abbas Araghchi had earlier said the management system for the Strait of Hormuz would not return to its prewar state, signaling possible changes in how the waterway will be run.

The US government recently said a draft agreement between the two countries includes the reopening of the Strait of Hormuz. Iran, however, has indicated it will continue to retain authority over the strait's operation and management.

Markets are also weighing the possibility that even if the strait reopens, a new Iranian service-fee system could raise global shipping and energy transport costs.

Investors are closely watching both the outcome of US-Iran negotiations and changes to the strait's operating framework for their impact on oil prices and global supply chains.