Iran Seeks Hormuz Tolls amid Sanctions Hurdles

According to representatives of the shipping industry and insurance companies, the draft agreement between Iran and Oman on the administration of the Strait of Hormuz faces serious legal and commercial obstacles.

Under the proposal, Tehran would gain greater authority over ships entering the Persian Gulf and would also seek to collect fees amounting to 5%–7% of the cargo's value.

Oman is discussing lower fees, while the United States rejects any transit fees. Shipping associations warn that mandatory fees would set a dangerous precedent and undermine international rules on freedom of navigation through the strategic strait.

Another issue is US sanctions against the Iranian agency that manages the strait, which could prevent companies from legally paying the required fees.

The situation is further complicated by new insurance terms from the London-based Lloyd's market, under which payment of the transit fee could result in the loss of insurance coverage.

(Reuters, mja)