Iran Pushes Strait of Hormuz Transit Fees That Could Raise $40 Billion a Year

Iran is pursuing a plan to charge transit fees to ships using the Strait of Hormuz.

Walter Bloomberg reported on June 25 that Iran believes the proposal could generate as much as $40 billion a year through charges for security and environmental services in the strait.

Tehran is also seeking support from countries in the region for the plan.

US Secretary of State Marco Rubio said Gulf states are unanimously opposed to imposing fees on the international waterway.