Reports indicate that Iran is considering implementing tolls for ships navigating the Strait of Hormuz, following its blockade of the waterway, which has led oil prices to surpass $100 per barrel and triggered significant disruptions in the global energy market.
An Iranian lawmaker informed the state news agency Fars that officials are preparing a bill aimed at enforcing these tolls on tankers, intending to strengthen Iran’s grip over this crucial route, through which about 20% of the world’s oil passes. The lawmaker mentioned that they expect the draft bill to be ready for parliament submission by next week.
While some investors hope for a quick resolution to the U.S.-Israel conflict concerning Iran, analysts caution that ongoing attacks on energy infrastructure in the Middle East, along with production interruptions in certain oil fields, could keep prices high even if the conflict ends soon.
During a Cabinet meeting on Thursday, President Trump stated that Iran was allowing 10 tankers to pass through the strait this week as a “gift” to the United States.
On the financial markets, oil futures rose, with Brent crude climbing by over 5% to approximately $108 a barrel, amid mixed signals regarding the peace talks between the U.S. and Iran, which contributed to declines in stock prices.
On the same day, the U.S. expressed that “very substantive talks” regarding Iran were ongoing. President Trump had tweeted that Iranian negotiators ought to engage seriously now, “before it’s too late.”
However, Iranian officials have reportedly turned down the Trump administration’s peace proposal and denied engaging in discussions with U.S. representatives.
Meanwhile, U.S. Special Envoy Steve Witkoff shared that the peace plan was conveyed via Pakistan, acting as a mediator, while noting that there had been multiple overtures from various nations seeking to help end the conflict peacefully.
According to the Times of London, numerous oil tankers carrying Iranian crude were permitted to pass through the strait, reportedly using covert codes to evade the ongoing blockade.
The Telegraph further noted that about 20 ships crossed the strait after paying a toll of $2 million to the Iranian authorities.
In the backdrop, Iran has allegedly attacked several oil tankers in the Persian Gulf and conducted attacks on a significant liquefied natural gas facility in Qatar, as well as energy sites in Saudi Arabia.
In response, Gulf states released a collective statement condemning Iran’s “criminal” actions against its neighbors, asserting their readiness to defend themselves if required. They also urged the Iraqi government to “take the necessary measures to immediately stop the attacks,” which reportedly stemmed from U.S. airstrikes targeting Iranian-backed Shiite militia positions in Iraq.
