Iran and Oman officially imposed duties of $2 million on each ship passing through the Strait of Hormuz. This decision is in effect during a two-week truce and cements Iran's de facto control over the strategic route. The new scheme is expected to bring Iran about $8 billion monthly.
Iran and Oman change the rules of passage through the Strait of Hormuz
Iran and Oman have started levying duties on all ships passing through the Strait of Hormuz, establishing a new legal framework for shipping during the two-week truce. According to AP, the fee is $2 million per ship. This decision cements Iran's de facto control over one of the world's most important sea lanes.
Economic effect: $8 billion per month
Iranian analysts have already calculated that if the duties continue, the country will be able to receive about $8bn per month or $96bn per year. This will increase Iran's GDP from $475bn to $571bn, i.e. by almost 20%. Oman will also receive a share of the profits, strengthening its role in the region.
International reaction and implications
New rules of passage through the Strait of Hormuz has already sparked discussions among international carriers and states that depend on this route for oil transportation. Many experts say that such a move could affect global energy prices and increase tensions in the region.
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