Tehran’s’tollbooth’: How Iran picks who to let through Strait of Hormuz
Al Jazeera
Iran has blocked the passage of vessels carrying 20 percent of the world’s oil and liquefied natural gas supplies.
The de facto blockade of the Strait of Hormuz by Iran in response to the United States-Israel war has caused one of the worst energy crises in decades with experts warning of a looming global recession.
The maritime route, through which about 20 percent of global oil and gas supplies pass, has been thrust into the spotlight as Tehran has used it as a geopolitical bargaining chip in the war.
Nearly 2,000 vessels are stranded close to the narrow strait, which is located between Iran on its north side and Oman and the United Arab Emirates on its south side.
On Thursday, Iranian media reported that the country’s parliament is seeking to pass legislation to collect tolls for ships transiting the world’s single most important oil passageway.
The reports by the Tasnim and Fars news agencies, quoting the chairman of parliament’s Civil Affairs Committee, said a draft law has been prepared and will soon be finalised by the Islamic Consultative Assembly’s legal team.
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Prices are likely to rise substantially if the Strait of Hormuz remains, in effect, closed, market watchers say.
Trump has called on other navies to help open the strait, but countries are instead striking deals with Iran.
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